Andrade Gutierrez Engenharia - 2021 bonds may get first lien on CCR shares collateralizing 78% of outstanding amount

01 February 2019

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As the value of the shares of CCR SA continues to rise, Andrade Gutierrez Engenharia 2021 bonds get a push. If the price of CCR shares and the FX rate continue as they are until the end of February, ≈64m shares would pass as a first lien pledge to the bonds, which would imply a collateralization level of 78%. Additionally, assuming an outright sale scenario, the 2021 bonds are 214% collateralized.