Brisa issues €75M in bonds
Portugal’s largest motorway toll concession company, Brisa (BCR), has issued €75 million in corporate commercial bonds with a maturity date for January 2026.
The company informed the Portuguese stock market commission CMVM which issued a communiqué stating “The (motorway) concessionaire has contracted through Banco BPI S.A., a bonds issue of €75,000,000, at a variable rate, issued on 21 December, 2021 with a maturity at the end of January 2026”.
According to Brisa “the bonds are issued under the ‘BCR’ Euro Medium Term Note Programme and floated as a private offering, with a respective market admission listing on the Luxembourg Stock Exchange”.
A euro medium-term note (EMTN) is a medium-term, flexible debt security that is issued and traded outside of the United States. EMTNs have become a significant funding source for U.S. and foreign companies, multinational institutions, federal agencies, and sovereign nations.
In 2017, Brisa Concessão Rodoviária, S.A. (“BCR”), the main concession of Brisa, successfully issued a new corporate bond on 10 May 2017 in an aggregate principal amount of €300m. The senior fixed rate secured bonds have a maturity of May 2027 (10 years) and an annual coupon of 2.375%. The securities were placed with high quality institutional investors in the international capital markets and were listed on the Luxembourg Stock Exchange.
Fitch Ratings (“Fitch”) has affirmed BCR’s long-term secured debt rating at ‘A-‘. The Outlook is ‘Stable’.
The company posted €52 million in profits between January and June 2021, 50.8% more than in the first half of 2020, but a fall of 37.5% when compared with the €83.2 million achieved in the first half of 2019.