02/03/2024 – 16:40
Nova Transportadora do Sudeste (NTS) intends to raise R$8 billion in the coming weeks through an issue of debentures aimed at institutional investors. The NTS offer will be made in three series and with a final maturity in ten years. The amount exceeds the R$7 billion raised by Eletrobras last year, in the largest fundraising ever carried out in the fixed income market in Brazil.
The resources raised will be invested in an exclusive fund, which will acquire R$8.6 billion in banknotes
be issued by NTS shareholders – the company's main shareholders today are a Nova fund
Infrastructure Multiestratégia Participações Investment Fund, managed by Brookfield Asset
Management, which holds 91.5% of the shares, and Itaúsa, with 8.5%. The structured transaction provides for the use of
flow of dividends to shareholders as the main source of payment for the issue.
This week, Fitch Ratings assigned the AAA(bra) Long-Term National Rating to Friday's proposal
emission. The risk assessment agency classifies NTS with the AAA National Long-Term Rating
(bra), with a stable outlook. The institution states that the rating reflects the company's business model
company, considered “solid”, in view of the monopolistic characteristic, and the
long term without volumetric risk and with a structure of guarantees, which provide protection of
high revenues and margins.
“Fitch considers that the proposed debentures are part of a structure for the anticipation of
resources to shareholders, which implies additional financial commitments to NTS and increased
manageable level of its financial leverage. Still, NTS's financial profile will remain strong
and compatible with the current classification”, he said.
The agency also commented that the proposed debenture issuance will increase the company's financial leverage.
NTS to up to 3.0 times by 2028, with a declining trend from 2029 onwards, when the
amortizations of the principal of the operation. In the previous rating base scenario, the debt ratio
net/Ebitda remained below 2.0 times.
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