Brazil's Gafisa gets board OK to issue R$250 million two-year notes

By Angela McDaniels

Tacoma, Wash., Aug. 13 - Gafisa SA's board of directors approved the issuance of R$250 million principal amount of two-year debentures, according to a company news release.

The board gave its approval at a meeting on Wednesday.

The debentures will be publicly offered in two series and will have a par value of R$10 million each.

The proceeds will be used to increase the working capital of the company.

This will be the company's sixth issuance of nonconvertible and unsecured debentures, the release stated.

Gafisa is a homebuilder based in Sao Paulo.

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