Norvial placed bonds for s/.365 million
Norvial S.A., concessionaire of the Ancon-Huacho-Pativilca highway, announced the successful placement of bonds for S/. 365 million in the local stock market. The transaction was carried out in two tranches: the first five years for S/. 80 million with an interest rate of 6.750% and the second 11.5 years for S/. 285 million at a rate of 8.375%. Placement was oversubscribed, with total demand of about S/. 550 million.
"The proceeds from this issue will be used mainly to finance a new stage of works in our concession", said Jorge Bustamante, general manager of Norvial. The concessionaire has been building the second carriageway of the motorway from Huacho to Pativilca, four new road interchanges, structures pending of the bridges Huaura, Supe and Pativilca, and driveways and foundation of the Supe bridge. The shareholders of Norvial are two Peruvian companies with a long history in the construction business and with extensive experience in the field of concessions: the Graña Montero Group and JJC Contratistas Generales.
"The excellent results obtained by Norvial in both tranches of the placement reflects investors' appetite for the infrastructure sector", noted Rodrigo Mejia, director of Debt & Equity Capital Markets of Credicorp Capital. Also, the operation shows the evolution of the domestic capital market, which is deeper and is willing to take different structures for greater amounts, said Mejia.
This is the first placement made under the Market Regulation for Institutional Investors approved by the Superintendence of Securities Market. This legal framework aims to facilitate the entry of new corporations into the securities market, by simplifying the offerings that are directed exclusively to the segment of institutional investors.