Disparate trading volumes mean Brazil’s stock exchange is unlikely to join MILA, the integrated Latin American stock market, says BM&FBovespa’s CEO
Category: Equity
Posted inDaily Brief
SMU Gets Saieh Cash
Chilean billionaire Alvaro Saieh has completed a $300m capital increase for SMU, the retailer says. A CLP96.4bn ($186m) payment completes the CLP151.33bn process, done at CLP178.90 each. The company plans to sell a further $200 million of shares by October 2016, as part of a plan to shore up its finances. SMU has also agreed to take out a subordinated credit for $300m before the end of the year and is also working on the sale of $300m-$400m in non-core assets.
Posted inDaily Brief
Banco de Bogota Launches FO
Banco de Bogota has launched rights offering period for the sale of new ordinary shares, it says, targeting a base deal of COP1.0trn ($517m), that could be upsized to as much as COP1.3trn. The bank is offering shares at COP63,000 each, which compares to a COP67,980 market price Thursday. The offer period closes December 18. Banco de Bogota is managing the sale itself. Parent Grupo Aval agreed to pay $646m for BBVA Panama in July, and in June Banco de Bogota agreed to buy Grupo Financiero Reformador in Guatemala through its Credomatic subsidiary for $411m. Aval is itself preparing to raise up to COP2.4trn in the domestic equity market.
Posted inDaily Brief
Nexxus Fund Closes at $550m
Mexican private equity firm Nexxus Capital has raised $550m for its sixth fund, it says, above the $400m it targeted. Pension funds, sovereign wealth funds, endowments and other institutional investors participated. Nexxus VI includes MXP4.081bn ($312m) raised through a Certificado de Capital de Desarrollo (CCD) transaction closed in June. The economic terms of the limited partnership, which forms the other vehicle in the fund, are similar, targeting a preferred return of 10%. The CCD is denominated in pesos, while the other vehicle is dollar-denominated, according to a company representative. MVision Private Equity Advisers were lead global fundraising adviser, with Citi and Santander joint bookrunners on the CCD. The fund will buy into midsized companies primarily in Mexico.
Posted inWeb Articles
Fibra Sendero postpones IPO as international accounts cool on Mexican real estate funds
Grupo Acosta Verde’s decision to hold comes after two other fibras list at the bottom of their range
Posted inDaily Brief
Latam Launches Rights Offer
Latam Airlines has opened the rights offering period for an equity capital raise, it says, running through December 19. The airline has set a price of $15.17 per share, meaning a total of $963m for the 63.5m shares on offer. The shares closed at CLP8,306 ($15.88) Wednesday, and ADR at $15.99. Latam arrived at the price based on a weighted average of transactions from the previous eight days, minus a 7.5% discount. The airline is raising funds for fleet enhancement and other purposes. JPMorgan is global coordinator and BTG Pactual and Credicorp are joint bookrunners.
Posted inDaily Brief
Molymet Sets Price
Chile’s Molymet has set the price for a $100m equity capital raise, it says. The metals processor plans to offer 5.9m shares at $17.00 each. The shares closed at CLP7,800 ($14.91) each Wednesday.
Posted inDaily Brief
Sigma Readies IPO Papers
Mexico’s Sigma Aliementos has made the initial filing for its IPO process, according to regulatory documents. The Grupo Alfa subsidiary has hired Citi, Goldman Sachs, Bank of America Merrill Lynch and Banorte-Ixe. The size and timing remain unclear, though a filing now leaves open the possibility to get a deal done before the end of the year. The filing follows last week’s unveiling of a EUR675m ($908m) bid for European meat company Campofrio Food Group.
Posted inDaily Brief
CVC Launches IPO
CVC Brasil Operadora e Agencia de Viagens has launched an IPO targeting more than BRL700m ($299m), it says, with pricing scheduled for December 5. The travel services provider is offering 38.8m secondary shares, assuming a 15% greenshoe, at BRL18.00-22.00 each, meaning a BRL776m deal at the midpoint. The base deal represents 26.02% of the company. US private equity firm Carlyle, invested in CVC since 2009, is selling 64% of the shares in the base deal, with co-founder Guilherme Paulus selling almost all of the other 36%. Bank of America Merrill Lynch, BTG Pactual, Itau, JPMorgan and Morgan Stanley are managing the transaction, the second attempt at an IPO after a 2011 filing.
Posted inDaily Brief
Latam Taxis Out Rights Offer
Latam Airlines plans to hold the rights offering period for a $1bn equity capital raise between November 20 and December 19, it says. The airline, working under an approval granted earlier this year, is planning to sell 63.5m shares, at a price to be determined before the start of the sale period. Latam will set a price equal to a weighted average of transactions from the eight days prior to the launch, minus a 7.5% discount. The sale would raise CLP506.25bn ($972m) if Tuesday’s CLP8,618.90 closing price were used and the 7.5% discount applied. The airline is raising funds for fleet enhancement and other purposes. JPMorgan is global coordinator and BTG Pactual and Credicorp joint bookrunners. Colombia’s Avianca went to the market last week to raise $408m in ADR, pricing below the range and seeing the ADR trade down slightly since.