Mall Operator Shrinks Hybrid Perp

Mar 14, 2012

Brazil’s General Shopping (GS) has wrapped up a new $150m hybrid perpetual bond, coming in under a $250m size limit. The transaction, with a structure seen as somewhat complicated, was heard getting 1.5x demand and dominated mostly by retail accounts. “This deal is subordinated with interest deferral among other features, so it offered 200bp to help compensate,” says a person familiar with the transaction, referring to levels versus the mall operator’s...

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