The local unit of Fortune 100 telecommunications monster Motorola Inc. is scheduled to roadshow this week a receivable investment fund (FIDC) worth around R$400 million ($176.7 million), with regulatory approval to upsize it to R$540 million should demand be hearty enough. The deal signals the first time underwriter Rabobank is selling an FIDC, according to a source close to the transaction. Prior to this offering, the bank was heard to have underwritten all of the FIDCs funds it has arranged for corporate clients as a way to provide tax-friendly funding, one of the main advantages of FIDCs versus other forms of financing. Fitch Ratings has rated the transaction AA-(bra)'. The maturity of the initial tranche is three years.
Collateral consists of mobile device sales to service operators and directly to consumers. Among operators, Brasilcel unit Vivo, Tim and Claro Commu-nications account for the bulk of Motorola Industrial's handset sales. A merger of Portugal Telecom and Telefonica Moviles, Vivo is the largest telephony operator in the Southern Hemisphere and serves upwards of 26 million clients in Brazil, according to the corporate website. Tim, meanwhile, is the only GSM operator with coverage in every Brazilian state. Claro, for its part, is owned by America Movil, which is, in turn, controlled by Mexican billionaire Carlos Slim.