SAAM Places $42 Million in Bonds

SAAM, operator of port, towage and logistics services in the Americas, placed a total of UF 1.2 million (US$42 million) in bonds on the local market Tuesday. The funds will be used primarily to finance the company’s investment plan, it said.

“The placement drew strong demand from local capital market investors. This issuance reinforces the market’s confidence in SAAM even in these times of crisis. The funds will be used primarily to finance our growth plan and consolidate our position in the twelve countries where we operate,” said SAAM CEO, Macario Valdés.

SAAM said it is preparing to close the purchase of 70% of Intertug, a towage services company that operates in Colombia, Mexico and Central America. The deal will consolidate SAAM’s leadership in the towage industry in the Americas.

A total of UF 1.2 million in E series, 10-year bonds were placed with a rate of 1.25% and a spread of 143 points over the benchmark rate. Banchile Citi Global Markets and Link Capital Partners advised on the transaction, which included a virtual roadshow for more than 50 investors.