Brazilian Launches Liability Management

Brazilian Launches Liability Management

Brazil Bonds

Brazil’s Sifco has launched a cash tender offer for its 2016 bonds, and plans a new 2018 bond of up to $200m to replace it. The manufacturer of forged components for the auto industry is targeting any and all of its $75m outstanding 11.50% 2016 bonds, it says, offering $960m per $1,000 principal in an offer expiring November 20. Holders tendering before a November 2 early deadline receive $1,000 per $1,000. The deal is subject to the completion of a new bond sale. Goldman Sachs, Citi, and Banco

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