Suzano Set for FO

Suzano Papel e Celulose is set to raise more than BRL1.4bn ($680m) from a follow-on equity sale, scheduled to price this evening. The Brazilian pulp and paper producer is offering 99.7m common shares and 192.3m preferred shares, up from the 80m common and 164.9 preferred shares initially announced. This would indicate a BRL1.48bn size, based on Tuesday’s BRL4.40 preferred share closing price, if a 15% greenshoe is also used. Suzano is raising funds to strengthen its capital structure. BTG Pactual and JPMorgan are global coordinators, with Banco do Brasil, Bradesco and Itau as bookrunners.