Vinci Offers Boost to PDG

Vinci Offers Boost to PDG

Brazil Funds Equity

Brazilian private equity firm Vinci Partners has offered to raise up to BRL800m ($404m) for PDG Realty, PDG says, to help shore up the homebuilder's balance sheet as it faces cost overruns, project delays and increasing debt levels. Under the proposal, Vinci would raise BRL800m through the sale of warrants entitling each holder to one new share and one convertible debenture, at BRL4.02 each. This represents an 11.4% premium to Friday's closing share price, Vinci says. The shares closed at BRL3.7

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