Cyrela Preps CRI

Brazilian Developer Cyrela is preparing to raise BRL300m ($149m) through the sale of Certificados de Recebiveis Imobiliarios (CRI) in the domestic market, it says. The 2015 securitization of credit receivables, done through Cyrela’s Brazil Realty Companhia Securitizadora de Creditos Imobiliarios unit, would pay 108% of the DI, and amortize in equal parts in years 4 and 5. The CRI are backed by debt certificates issued by Cyrela to Banco do Brasil and Banco Votorantim, with the proceeds funding real estate projects, guaranteed by credit rights derived from the projects’ future unit sales. Banco do Brasil and Banco Votorantim are also managing the sale of the CRI.