CVRD Prices Record $1.9bn Convert

CVRD Prices Record $1.9bn Convert

Brazil Structured Finance

Brazilian mining giant CVRD sold a $1.9bn two-tranche offering of mandatory convertible preferreds Tuesday, the first such hybrid offering from the region in recent memory, and probably the biggest ever. The shares, which carry a 5.50% coupon and a 26.00% conversion premium, will convert into voting and non-voting American depository shares (ADS), according to an investor who participated. Maturity is June 15 2010. Price talk was 5.25%-5.75% coupon and 22.00%-28.00% premium, according to Dealogi

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