Magnesita Tightens, Upsizes Perp
Brazil’s Magnesita Refratorios built enough demand for its new perpetual NC5 bond to revise guidance and upsize to $250m, from an expected $200m. The refractory metals producer priced at par with an 8.625% coupon, to yield at the tight end of 8.75%-area guidance that had come in from 8.875%-area and 9.00% whispers. “The deal was tightened from 9% to 8.625%, not something you often see in perp land,” says an EM investor following the trade. Though difficult to comp, the deal was thought to come at...
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