Mall Company Taps Debentures

Iguatemi Empresa de Shopping Centers, a Brazilian mall company, raised BRL200m ($102.4m) in 2014 local bonds at 104.5% of the CDI interbank rate Wednesday. The deal was met with lukewarm reception and the book was slightly undersubscribed, according to a banker close to the transaction. Proceeds from the offering are being used to build up a war-chest for acquisitions of assets in the Brazilian mall sector. The deal was led by UBS Pactual and Santander Banespa, each of which underwrote BRL80m. Citi took a BRL40m piece, according to Dealogic.