Tonon bond broadens options for Brazilian sugar companies

Tonon bond broadens options for Brazilian sugar companies

Bonds

Brazil’s Tonon Bioenergia sold a $230m 10.5% four-tranche bond on Friday, potentially reopening the foreign bond market for the Brazilian sugarcane sector. The bond, which has a 10-year final maturity, but is callable and puttable after five, was priced to yield 10.75%, in from initial indications of 11%. Morgan Stanley was sole bookrunner for the -/B/B rated company, while HSBC was the passive bookrunner. The 144A/RegS bond was structured with four tranches because of the collateral structure,

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