Brazil: Votorantim Cimentos plans bond buyback

Brazil: Votorantim Cimentos plans bond buyback
Published: 10 April 2014

Tagged Under: Votorantim Cimentos Brazil 

Votorantim Cimentos yesterday unveiled plans to buy back up to US$1.03bn in overseas bonds due 2017, according to a banker close to the transaction. The bonds carried an annual coupon of 5.25 per cent and a yield of 5.32 per cent. The offer will expire 16 April.

At the same time, Votorantim Cimentos hired a group of banks to coordinate a road show to promote a new debt sale, another person close to the talks said, making it the latest firm seeking to cash in on renewed appetite for emerging-market currencies and bonds among international investors.

Citigroup Global Markets, HSBC Bank PLC, Banco Santander S.A, BB Securities, Banco Votorantim and Banco Bradesco BBI S.A. are coordinating both operations.

In August, Votorantim Cimentos scrapped plans for a multibillion-dollar initial public offering of equity due to adverse capital-market conditions.