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Fitch rates Andrade Gutierrez notes CCC+
Fitch Ratings said it assigned a CCC+/RR4 rating to the proposed senior secured notes to be sold by Andrade Gutierrez International SA in the amount of about $400 million due November 2024.
The notes will be fully and irrevocably guaranteed by Andrade Gutierrez Engenharia SA. The notes will also be secured by CCR SA shares, owed by Andrade Gutierrez Participacoes SA with total amount of guarantees depending on the success of the group’s liability management strategy, the agency said.
Proceeds will be used to prepay Andrade Gutierrez International’s senior secured notes due August 2021, in the amount of $356 million.
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