The company HRU, concessionaire of the Maroñas National Hippodrome and the Las Piedras Hippodrome, managed to capture the interest of investors and successfully tendered Negotiable Obligations (ON) for 10 million dollars in Indexed Units (UI).
With a demand for 14.3 million dollars, that is, 43% higher than the amount offered, the corporate placement was tendered in the wholesale tranche 52,888,772 UI (about 8 million dollars), receiving offers for 85,621,000 UI (about 13 million), with prices ranging between 100 and 103.5, determining a cut-off price of 101.27.
As for the retail segment, received offers for 9,152,769 UI (1.4 million), out of the 13,222,193 UI (2 million) available, equivalent to 20% of the issue, while the remaining balance was awarded in the competitive section.
Thus, the series reached a placement of 66 million IU, with a weighted average price of 101.05 and a performance average for the investor of 3.89%, without taking into account taxes.
The issue, with a term of six years and an annual interest rate of 4.25% in UI, was rated investment grade with the note A (UY) by Fix SCR Uruguay Risk Rating Agency SA The capital will be amortized in 24 equal, quarterly and consecutive installments.
The placement was subscribed through the Electronic Stock Exchange of Uruguay (Bevsa), through the electronic trading system SIOPEL, with Nobilis As a structurer, the Itau Bank as a payment agent and registering entity, with the legal advice of Hughes & Hughes.
This is Series 3 of HRU, which had already issued Series 1 in UI and Series 2 in dollars for a total of 30 million dollars, for a total of 40 million to be used for the restructuring of debt, with the cancellation of short-term bank liabilities, for working capital, and for the financing of investments in current rooms, the renewal of the machine park and reforms and expansions.
HRU highlighted the successful broadcast
Guido Parrella, general director of Codere Uruguay, He stressed that “the broadcast was a success in every sense and that shows the confidence that exists in the brand. We have a robust business model and a great team behind us.”
“We are very satisfied with the result of this process, and now we will continue to move forward with great energy, further promoting the work we have been doing at HRU, which fills us with pride,” said the executive regarding the scheme. finance of the company.
In turn, Eduardo Barbieri, Bevsa’s general manager, stated that “it is very important for us to continue supporting the development of the capital market and mobilizing resources from the economy to finance companies’ projects, with a system that offers guarantees for everyone.”
For its part, Maria Jose Zerbino, Head of Capital Markets at Nobilis, highlighted the importance of Negotiable Bonds for the financial market, as they are “a key tool for both companies seeking financing and investors seeking investment opportunities in the capital market.”
“Companies need to evaluate it as a safe and interesting option for their projects,” Zerbino said, while Nobilis added that “the company achieved a low financing cost, confirming that when a company generates a track record in the market and bets on this financing method, it gains access to very good rates.”
Source: Ambito
