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Madero heads to local bond market after cancelling IPO

Madero heads to local bond market after cancelling IPO

January 28, 2022 | Thierry Ogier
Brazilian burger chain chooses debt over equity and plans to issue up to $111 mln in CRAs

Corporate & Sovereign Strategy Debt Debenture IPO Brazil Capital Markets

Brazilian burger chain Grupo Madero is going to the local bond market to raise BRL500 million to BRL600 million ($92.2 million to $111 million) in debt after cancelling plans for an initial public offering (IPO), according to a securities filing on Wednesday. Madero intends to issue two series of debentures due in 2027 and 2028 to support the sale of agribusiness receivables certificates, known as CRAs, through local securitization company Eco Securitizadora, it said in the filing. It added that

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