Cedro targets first debt sale

Cedro targets first debt sale

Debenture Debt Capital Markets Corporate & Sovereign Strategy Bonds Brazil

Brazil's Cedro Têxtil could issue BRL100m ($25.8m) in local bonds in September to lower its funding costs, CFO Fábio Alves told LatinFinance. "After 150 years in business, we would be tapping the debt capital markets for the first time," Alves said. The Belo Horizonte-based textile company wants to issue bonds to take out short-term bank debt and lower its financing costs from 6% to 8%, he said. Cedro could also lower its debt levels to 4x EBITDA from 5x after issuing the local notes, which w

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