Klabin closes oversubscribed debenture sale

Klabin closes oversubscribed debenture sale


Brazilian pulp producer Klabin has raised the BRL1.7bn ($726m) it was targeting in the sale of a convertible bond to fund its Puma cellulose plant. 93.56% of the sale was subscribed by Klabin shareholders in a preemptive rights offering. Other investors had their allocations pro-rated after the remainder of the deal was oversubscribed. The subordinated local market debentures pay 8%, with principal adjusted by changes in the BRL/USD exchange rate, and are mandatorily convertible to Klabin units

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