Saturday, May 26, 2018 | ISSN 0719-241X

SM SAAM successfully completes first placement of bonds

The operation reached a total of US$111 millions
Edition of January 18, 2017

SM SAAM, shipping company that provides services through its three business divisions: Port services, Towage and Logistics in the Americas, successfully completed its first placement of bonds in the local market for a total of US$111 millions, with the purpose of refinancing short- and long-term liabilities of the Company.

Series B was placed for a total of 1,400,000 Unidades de Fomento (UF – index-linked units,  around US$56 millions), at a placement rate of 1.88% anually, maturing on December 15, 2021, and a spread of 92 points over the reference rate. Series C was placed for a total amount of 1,400,000 UF (US$56 millions), at a placement rate of 2.3% per year, maturing on December 15, 2026 and a spread of 101 points over the reference rate.

Total placement had a demand of 2.3% times above the offer and was led by the stock brokers Santander and Credicorp Capital.

“The high demand for our bonds shows the confidence that the capital market has in our Company. Our first placement of bonds in the history of the Company is yet another step in SM SAAM’s consolidation, which allows us to optimize our capital structure and project future Company plans. The favorable conditions obtained in this placement are a reaction to the responsible financial policy of our Company and the attractive diversification of our businesses,” said SM SAAM’s CEO Macario Valdés. 

SM SAAM has an AA- rating, with stable perspectives, from risk rating companies Feller Rate and Humphreys.

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