Corporate & Sovereign Strategy Brazil Bonds

Suzano Papel e Celulose had stayed away from the capital markets for years. Following a massive round of investments, the Brazilian pulp and paper producer's leverage ratio peaked at 6.7 times Ebitda in 2013. It soon focused on a strategy of increasing cash flows and reducing debt, bringing its leverage down to 2.3 times Ebitda by the end of last year. Suzano’s leverage ratio increased to 2.8 times Ebitda at the close of the first quarter but the company kept a comfortable amortization schedule and stayed on the path to reducing net debt to below 2 times Ebitda by 2018.With cash flows on the way up and investments on the way down, Suzano returned to the cross-border bond market in July

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