Magnesita Preps Follow-on

Magnesita Preps Follow-on

Brazil

Brazil’s Magnesita Refratorios is preparing an equity follow-on, it says, targeting BRL225m-BRL425m. The producer of refractory materials plans to start a roadshow January 19, with pricing set for February 2. It does not yet indicate the number of primary shares to be sold. Magnesita is raising funds to pay off its bank debt, it says, in order to receive better debt financing to fund expansion and improved vertical integration. Plans include a BRL220m investment to boost sintered magnesia produc

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