Guararapes moves to shore up cash position

Guararapes moves to shore up cash position

Debenture Capital Markets Debt Fixed Income Corporate & Sovereign Strategy Rule 476 Brazil

Brazilian clothing retailer Guararapes Confecções is making moves to shore up its cash position by drawing BRL700 million ($137 million) from existing credit lines and lining up BRL300 million in promissory notes. Lojas Riachuelo, a department store owned by Guararapes, will issue the notes, the first such sale by the company, under Brazil's Rule 476, the retailer said in a securities filing on Wednesday. Guararapes added that it will have an additional BRL1 billion in cash after it sells the no

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