CCR seeks foreign partner to manage the Rodoanel
Valor Econômico - 03/12/2008
Upon winning the bidding process for the West stretch of the Rodoanel of São Paulo, CCR is looking for foreign partners willing to hold up to 40% of the capital of the Specific Purpose Company (SPC) to be created to manage the anel viário (road ring). The outlay of the partner may be nearly R$ 250 million (US$ 142 million). According to the Finance and Relations with the Market Officer, Arthur Piotto Filho, the partnership with the investment fund is "practically closed", but he did not want to reveal the name of the partner. The identity of the partner will be known within 30 days, when CCR signs the concession contract with the government of São Paulo. During a teleconference with analysts Piotto also said that the company may make road shows in order to attract prospective persons interested in the deal. The company that led the West Integration Consortium (Consórcio Integração Oeste) - Encalso, from State of São Paulo, holds 5% of interest -, contracted for next 12 months two bridging loans of R$ 650 million (US$ 369 million) each, with the UBS Pactual bank in order to begin works and pay the first installments of the grant. After this period, the company should take a credit line of R$ 2 billion (US$ 1.14 billion) from a group of banks, affirmed CCR's, CEO Renato Vale. With maturity in up to ten years, the credit will be used in the refinancing of the previous loans and in the future investments of the Rodoanel. The interest rate shall be Libor plus 2.5% a year. The debt/cash operational generation ratio went from 0.8 times to two times. With the loan, said Vale, the company will have conditions to remain with low leverage and renew the energies for the auction of state roads, whose bidding rules may be published in the second semester, and the future federal auctions. Regardless of being pointed as one of the main competitors, the Integração Oeste (West Integration) surprised the market. It presented a bid of a toll fee of R$ 1.168 (US$ 0.66), (per axle) a discount of 61% in relation to the ceiling of R$ 3.00 (US$ 1.70) stipulated by Artesp (São Paulo State Transportation Agency). The traffic expectations and the lower costs of operation and investment were the factors that (helped in) contributed to the rate composition. According to Piotto, the estimate of traffic increase in the West sector of the Rodoanel, with the collection of a toll of R$ 1.16 (US$ 0.66), is up to 50% greater in relation to the one forecast by Artesp, which worked with a toll of R$ 3.00 (US$ 1.70).