By Christine Van Dusen
Atlanta, Feb. 3 - Brazil's Grupo Virgolino de Oliveira SA priced a $300 million issue of 11¾% notes due Feb. 9, 2022 (B3/B/B) at 98.566 to yield 12%, a market source said.
The notes priced in line with talk, which was set at the 12 1/8% area.
BTG Pactual, Credit Suisse and Itau were the bookrunners for the Rule 144A and Regulation S notes, which are non-callable for five years and include a change-of-control put at 101%.
Proceeds will be used for debt refinancing, capital expenditures and general corporate purposes.
Grupo Virgolino is a sugar and ethanol producer based in Sao Paulo.
| Issuer: | Grupo Virgolino de Oliveira SA
|
| Amount: | $300 million
|
| Maturity: | Feb. 9, 2022
|
| Description: | Senior notes
|
| Bookrunners: | BTG Pactual, Credit Suisse, Itau
|
| Coupon: | 11¾%
|
| Price: | 98.566
|
| Yield: | 12%
|
| Call features: | Non-callable until Feb. 9, 2017
|
| Change-of-control put: | At 101%
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 9
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 12 1/8% area
|
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