September 14, 2017 |
Cosan found bondbuyers willing to add Brazilian debt to their portfolios on Wednesday and printed $500m in new 2024 notes.
The bookrunners Banco do Brasil, Bradesco, Itau BBA, Morgan Stanley and Santander started the price talks in the mid 6% area, tightened it to 6% at guidance and then priced the deal at par to yield 5.95%, sources told LatinFinance.
"There are better company's in this sector in Brazil, but [Cosan's] finances are relatively stable," one fixed-income investor said.
Brazilian sugar and ethanol producer raises $500m from seven-year notes to pay down debt and invest in its logistics business