EF Asset Management issued bonds for 240 million indexed units (approximately USD 30 million) for funding for the works to be carried out by the construction company Grinor in Ciudad de la Costa.
The bonds were issued by a trust created for this purpose, with a term of 20 years and annual payments.
This issuance is one of a kind since it has a structure that has never been used before in Uruguay. This is because the investors assume the obligation to invest for the whole USD30 million, but the funds will be paid to the trust monthly after the trustee makes the capital calls for the amount corresponding to the works performed by Grinor.