Cielo plans jumbo private placement

Cielo plans jumbo private placement

Bonds

Brazilian credit and debit cards business Cielo is planning to sell BRL3.46bn ($1.3bn) of local market debentures to fund its joint venture with Banco do Brasil, it said this week. Cielo is planning to sell three nine-year bonds under Brazil’s rule 476 private placement framework. A BRL2.36bn tranche will pay 111% of the DI. A BRL700m tranche will pay the DI until the end of March 2015 when the coupon will step up to 111% of the DI. The third tranche, of BRL400m, pays the DI until a transition c

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