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Metropistas issues $181M in bonds to optimize capital structure

Autopistas Metropolitanas de Puerto Rico (metropistas) announced the closing of a $181 million bond issuance to partially refinance a portion of its short-term debt, in what constitutes one of the first bond issuances in the Puerto Rican infrastructure industry since the beginning of the economic recession and the devastation that left hurricane María.

The bond issuance, carried out through institutional investors,
closed with favorable terms while obtaining an investment grade credit rating,
an achievement for metropistas who thereby manages to maintain the credit
rating of its bonds notwithstanding the economic environment, the company

The bond issuance — which will allow the company to optimize its
capital structure [without the need to incur in additional debt] — reflects the
market’s support of and confidence in the company’s successful management
during the seven years that the consortium has overseen operating highways
PR-22 (De Diego Highway) and PR-5.

Furthermore, understanding the complicated financial environment
in Puerto Rico, the issuance also reflects the market’s appetite for
investments in the infrastructure industry on the island, metropistas CEO,
Gonzalo Alcalde said.

“This achievement was possible, in part, thanks to the support of
the government of Puerto Rico through its Financial Advisory and Fiscal Agency
Authority, which has reaffirmed the commitment to public-private partnership
projects, such as the one established in 2011 with metropistas for the
management of highways PR-22 and PR-5,” said Alcalde.

“With this new issuance and the continued support of the government
of Puerto Rico, metropistas reaffirms its commitment with the island’s economic
development through important infrastructure projects,” Alcade said.

Metropistas engaged Credit Agricole Securities (USA) Inc., ING
Financial Markets LLC and Santander Investment Securities Inc., as placement
agents. Gibson, Dunn & Crutcher and McConnell Valdés LLC, acted as the
company´s legal counsel, and Milbank LLP and Adsuar Muñiz Goyco Seda &
Pérez-Ochoa, P.S.C. acted as the lender´s legal counsel.

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This story was written by our staff based on a press release.

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