December 7, 2018 |
Brazil's BR Properties said it plans to issue BRL500m ($129m) in local bonds and use the proceeds to help pay off $185m in perpetual notes issued in 2010.
The new seven-year notes will pay 1.7% over the DI interbank lending rate, BR Properties said in a securities filing. The DI stood at 6.4% on December 6, according to the B3 stock exchange in São Paulo.
The real estate developer issued $200m in perpetual bonds at 9% in October 2010 with Credit Suisse and Itaú BBA as the underwriters.
Brazilian real estate developer will sell $130m in local notes to help fund the buyback