Votorantim Cimentos raises €650m

Votorantim Cimentos raises €650m

Bonds

Votorantim Cimentos raised €650m in the European market on Wednesday, selling a 3.25% 2021 bond that will fund a buyback offer. The bond, which was said to be twice subscribed, was priced at 98.672, equating to a yield of 3.467%. BB Securities, Bradesco, Citi, HSBC, Santander and Votorantim managed the new issue and the buyback. The lead managers went out with initial price thoughts of mid-swaps plus 240bp for the Baa3/BBB/BBB rated transaction, narrowing that to official guidance of plus 225bp

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