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ENA Sur Trust: 144A for Corredor Sur's new public owner
26 October 2011
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[ica]
[ena]
[panama city]
Government of Panama-owned Empresa Nacional de Autopista (ENA) closed a $395 million bond issue to partially finance the buy-out of ICA’s 19.8km Corredor Sur toll road concession on 23 August. With its first deal done, the buyer can now turn its attention to the still pending buy-out of PYCSA’s 14km Corredor Norte concession. While the concession is back in public hands, the financing is completely standalone and differs from the earlier privately-sponsored bond financing for the road mostly because it is larger.
The 144A regulation S bonds were split pari passu between a global $170 million amortising tranche with a 14-year maturity and a $225 million local tranche with a seven-year maturity. The long bonds carry an all-in fixed rate of 5.25% and the short bonds a fixed rate of 5.75%, both payable quarterly. The short tranche is also interest-only with accelerated amortisation towards the end of its life. HSBC and...
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