Aracruz Closes Buyback Offer

Brazilian paper and cellulose producer Aracruz has closed its offer to buy back its debt maturing in 2011 and 2012. The bonds to be purchased represent 43.6% of the total debt in the market. The company will buy back a total of $176.4 million of its 2011 bonds and $58 million of its 2012 bonds. The deal is being managed by Citigroup and JP Morgan.