Three years in the making, the much-anticipated approval from the Brazilian Senate for the Transportadora Brasileira Gasoduto Bolivia-Brasil SA's (TBG) $180 million gas-fee-backed transaction has come a little late, forcing the deal to be reassessed.

The bond issuance will be used to finance the construction of the largest gas pipeline in Latin America that runs more than 3,000 kilometers from Bolivia through Brazil. The gas companies in various cities pay fees for the use of the pipeline and therefore the project will have some economic viability from the rental payments.

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