Sao Martinho targets dual-tranche CRA

Sao Martinho targets dual-tranche CRA

Brazil Bonds

Brazil's Sao Martinho plans to raise at least BRL400m ($126.7m) in agribusiness receivable certificates, or CRAs, in the local market, according to a preliminary prospectus. The ethanol and sugar producer could increase the offer to BRL540m, with the 2021 notes to price no higher than 100.5% of the DI interbank lending rate. The 2023s will be priced no higher than 0.20% over the IPCA consumer price index. Sao Martinho has hired Bradesco BBI to lead the CRA under Brazil's Rule 400,

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