{"id":92744,"date":"2025-01-30T16:35:05","date_gmt":"2025-01-30T19:35:05","guid":{"rendered":"https:\/\/murray.adv.br\/?p=92744"},"modified":"2025-01-30T16:35:06","modified_gmt":"2025-01-30T19:35:06","slug":"ambipar-raises-400m-in-green-bonds-amid-softer-investor-demand","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/ambipar-raises-400m-in-green-bonds-amid-softer-investor-demand\/","title":{"rendered":"Ambipar raises $400m in green bonds amid softer investor demand"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>Proceeds will be used for debt refinancing, sustainability projects, and general corporate purposes<\/em><\/strong><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>01\/30\/2025 <\/p>\n\n\n\n<p>ESG company Ambipar raised $400 million through a debt issuance in international markets, with demand for its green-labeled bonds exceeding twice the issued volume, reaching $850 million. The waste management company priced the eight-year bonds at 10.87%, slightly below the initial guidance of 11%, according to sources familiar with the transaction.<\/p>\n\n\n\n<p>This is Ambipar\u2019s second bond issuance in international markets. In January 2024, the company raised $750 million, surpassing its initial $500 million target amid strong investor demand. That issuance had a seven-year maturity and was priced at 9.87%, below the initial guidance of 10%.<\/p>\n\n\n\n<p>Ambipar drew less demand compared to other Brazilian companies that recently entered the market. Usiminas and JBS, both frequent issuers, saw investor interest surpass their bond offerings by more than four times.<\/p>\n\n\n\n<p>An investment banker, speaking on condition of anonymity, said Ambipar\u2019s issuance faced challenges compared to other January offerings, attributing this to the company\u2019s credit profile and lower market recognition rather than a shift in investor appetite.<\/p>\n\n\n\n<p>Another person familiar with the matter noted that Ambipar operates in a niche sector with no direct international peers, making it harder for investors to assess its credit profile. However, the company still managed to extend the bond maturity and attract large investors focused on sustainable assets.<\/p>\n\n\n\n<p><strong>Market strategy<\/strong><\/p>\n\n\n\n<p>Ambipar initially marketed the bonds with a target issuance between $400 million and $500 million (a benchmark-sized offering). The company plans to use the proceeds to repay debt maturing in 2031, refinance other obligations, and fund general corporate purposes. An equivalent amount will also be allocated to sustainability projects.<\/p>\n\n\n\n<p>In a statement, Chief Financial Officer Jo\u00e3o Arruda said the bond issuance would help Ambipar roll over short-term debt.<\/p>\n\n\n\n<p>\u201cWe are very pleased with the outcome of the transaction. The issuance attracted high-quality investors who believe in Ambipar\u2019s future and support our environmental agenda,\u201d he said.<\/p>\n\n\n\n<p>\u201cThe bond market offers an eight-year maturity, which is not available in the local market. As a prudent measure, we will use this issuance to refinance Ambipar\u2019s debt due between 2025 and 2028, as well as part of the green notes maturing in 2031. This gives us a solid timeframe to execute our growth, profitability, and efficiency plans, increasing our cash generation and improving our credit profile over time,\u201d Mr. Arruda added.<\/p>\n\n\n\n<p>Fitch Ratings assigned the issuance a BB- rating, citing Ambipar\u2019s strong position in the environmental services sector, growth potential, and geographically diversified revenue streams. However, analysts noted that the company\u2019s high leverage and significant cash flow consumption for interest payments constrained its rating.<\/p>\n\n\n\n<p>Ambipar joins JBS, Bradesco, and Usiminas, which also raised funds in the international bond market in January. JBS issued $1.75 billion, Bradesco secured $750 million, and Usiminas raised $500 million.<\/p>\n\n\n\n<p>Investment banks had anticipated a stronger bond issuance season, but rising volatility in both domestic and international markets led some companies to postpone fundraising plans. The current issuance window is expected to remain open until the second week of February, when companies begin releasing fourth-quarter 2024 earnings results.<\/p>\n\n\n\n<p>Ambipar\u2019s issuance was jointly led by Bank of America, Bradesco BBI, and UBS BB, with settlement scheduled for February 5.<\/p>\n\n\n\n<p>*By\u00a0Rita Azevedo, Valor\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Proceeds will be used for debt refinancing, sustainability projects, and general corporate purposes 01\/30\/2025 ESG company Ambipar raised $400 million through a debt issuance in international markets, with demand for its green-labeled bonds exceeding twice the issued volume, reaching $850 million. The waste management company priced the eight-year bonds at 10.87%, slightly below the initial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25837,25838],"class_list":["post-92744","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-ambipar","tag-debt-refinancing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ambipar raises $400m in green bonds amid softer investor demand - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/ambipar-raises-400m-in-green-bonds-amid-softer-investor-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ambipar raises $400m in green bonds amid softer investor demand - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Proceeds will be used for debt refinancing, sustainability projects, and general corporate purposes 01\/30\/2025 ESG company Ambipar raised $400 million through a debt issuance in international markets, with demand for its green-labeled bonds exceeding twice the issued volume, reaching $850 million. 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