Lupatech’s capital increase has reached BRL261m ($126m), it says, following subscriptions from major shareholders who had pledged to participate. The Brazilian maker of parts for the oil industry sold 65.2m shares at BRL4.00 each, with Petrobras pension fund Petros putting in for BRL105m, BNDESPar BRL80m and private equity firm GP Investimentos BRL50m. In the subscription period closed June 6, 175m shares were up for sale, as part of a plan to raise up to BRL700m agreed earlier this year. Remaing shares are to be sold through an additional round from June 13-19, at the same price. Shares closed Wednesday at BRL3.85.
Category: Equity
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Tereos Plots Capital Raise
Brazilian sugar cane miller Tereos Internacional plans to raise up to BRL369m ($179m) from a private share placement, it says. The company will issue a total of 142m shares to current holders at BRL2.60 per share. The firm controlled by France’s Tereos Group plans to use the proceeds to finance its expansion program. Tereos pulled the plug on a public follow-on of up to BRL600m last year when the markets became too volatile.
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Fondo de Fondos Plans CCD
Corporcaion Mexicana de Inversiones de Capital (CMIC), also known as Fondo de Fondos, is preparing a transaction for Mexico’s Certificado de Capital de Desarrollo (CCD) market, according to regulatory documents. The 2026 deal would create a MXP1bn-MXP5bn ($71m-$355m) fund investing along side CMIC’s FdeF II fund, seeking investments in other funds targeting real estate, infrastructure and other areas. As with most CCD deals, the structure includes a return of the initial amount plus a 10% preferred return. ING is managing the transaction. CMIC is backed by Nafinsa, Focir, Banobras and Bancomext, and launched the $250m FdeF I fund in 2010.
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Minsur Adds to Mine Equity
Peru’s Minsur has injected an additional $100m into its Cumbres Andinas subsidiary, via the issue of new shares, to help finance the acquisition of a stake in the Marcobre copper project, it says. The funds follow a $300m equity issuance announced last week for the same purpose. After the transaction, Minsur will hold 99.96% of Cumbres’ shares. It is already putting together a $200m loan to help with the purchase. In April, Minsur agreed to acquire 70% of Marcobre from Hong Kong’s CST Mining for $505m.
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Suzano Ups Follow-on
Suzano Papel e Celulose has increased the number of shares it plans to sell in a follow-on equity sale, it says, meaning the deal could raise more than BRL1.5bn ($726m). It 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 BRL1.56bn size, based on Monday’s BRL4.65 preferred closing price, if a 15% greenshoe is also used. Marketing for the deal was scheduled to begin Monday, ahead of a June 27 pricing. 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.
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Cencosud Lowers Equity Expectation
Chile’s Cencosud has reduced the size of its planned New York equity sale, to about $590m, from about $720m, it says. The retailer now expects to sell 91.3m shares, in the form of ADS, down from 125m it was targeting in filings last month. A 15% greenshoe would bring the total to 105m, raising $591m at Friday’s closing price. The exact date has not been set, though it is expected in the next few weeks if market conditions permit. ECM bankers see a stiff challenge for issuers to get equity deals out ahead of the traditional July-August vacation period, with only follow-ons and large, liquid IPOs likely to get done. The supermarket operator is raising funds to pay down debt, and to fund the acquisition of Jumbo Retail Argentina, in addition to general corporate purposes. Each ADS would be worth 3 common shares, and initially referenced by ADRs. Credit Suisse, JPMorgan, Morgan Stanley, UBS, Santander and BBVA are managing the deal, done as part of a $2bn total capital increase approved last year. Cencosud has operations in Chile, Colombia, Peru, Argentina and Brazil. Its common shares closed at CLP2,849 ($5.63) Friday.
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Gafisa to Issue Equity to Complete Alphaville Buy
Brazilian homebuilder Gafisa plans to issue shares to help finance the BRL359m ($177m) purchase of the remaining 20% stake in its Alphaville Urbanismo unit, it says. It will offer 70.25m shares, representing BRL150m at Wednesday’s BRL2.13 close, the most recent closing price. The company says it is defining the steps of the process, and will give additional details about the purchase in the future. Gafisa bought 60% of the high-income housing unit in 2006, before adding another 20% in 2010. There had been concern the homebuilder lacked the funds to complete the acquisition, following a poor first quarter. The company turned down a buyout offer from Chicago real-estate magnate Sam Zell and Brazilian investment fund GP Investimentos in March.
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Miner Wraps up Share Placement
Dia Bras Exploration, a Toronto-listed Peruvian miner, has completed a CAD45m ($44m) share placement, it says. It sold a brokered portion of 2.6m common shares and a non-brokered portion of 12.4m common shares, done at CAD3.00 each. The non-brokered portion went to Arias Resources, an an existing shareholder which now owns 48.4% of Dia Bras. RBC led the sale, along with Continental Bolsa, Scotia, Credibolsa, Canaccord Genuity and Dundee Securities managed the brokered portion. Proceeds are marked for development of projects in Peru and Mexico.
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Banco de Chile Readies Capitalization
Banco de Chile is set to raise CLP67.91bn ($145m) through a capital increase June 28, it says. The bank plans to issue 1.10bn shares at CLP62.00 each.
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Caixa Preps RE Fund
Brazil’s Caixa Economica Federal has filed to raise a BRL200m-BRL300m ($99m-$198m) Fundo de Investimento Imobiliario (FII) real estate fund in Brazil’s domestic market, according to the CVM. The vehicle, which has an open-ended timeframe, will invest in real estate assets. The bank does not indicate the timing or expected return profile. Caixa is managing the sale itself, along with Rio Bravo Investments, who is also administrator.