Brookfield Clinches Debenture, Eyes Equity

Brazilian homebuilder Brookfield Incorporacoes says it received proceeds of BRL100m from the placement of a 2013 debenture that pays IPCA plus 10.25%. The sale was approved Tuesday and placed in the same day with local funds by underwriter BTG Pactual. The notes amortize in two portions, starting in month 36 of the 4-year deal, and again in month 48. Fitch rates Brookfield A+ on a national scale. The company is also en-route to the equity markets, with an equity offering scheduled for October 20 via Itau BBA, Credit Suisse, BTG Pactual and Bradesco BBI. The offering is set to include 85m shares plus a greenshoe, which could bring the total number of share to 98m. At the company’s Tuesday closing price of BRL7.80, gross proceeds could reach BRL762m.