January 14, 2019 |
Brazil's Iochpe-Maxion said it will issue up to BRL450m ($121m) in debentures on January 16.
The auto parts company plans to sell five-year notes at up to 125bp over the DI interbank lending rate and seven-year notes at 150bp over the DI. The DI stood at 6.4% on January 11.
S&P Global Ratings gave the upcoming debentures a brAAA rating on the local scale, saying the issue will allow Iochpe to cut its financing costs and lower debt levels to two times EBITDA in 2019.
Iochpe said it will use t
Brazilian auto parts maker assembles $121m in a two-part debenture deal