Gafisa to Use Debentures to Fund Alphaville Buy

Gafisa to Use Debentures to Fund Alphaville Buy

Brazil Bonds

Gafisa plans to use BRL250m ($115m) in debentures to buy 20% of its Alphaville unit, a stake it needs to complete the agreement signed last week to sell 70% of the high-end residential developer to private equity investors. The Brazilian builder plans a 2015 debenture issued through its Tenda subsidiary that pays 120% of the DI. Gafisa agreed earlier this month to sell the controlling bit of Alphaville to Blackstone Real Estate Advisors and Patria Investimentos for BRL1.41bn, concluding a long p

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