Brazil’s Cyrela to Sell Shares, Debentures

Cyrela Brazil Realty has filed to sell additional shares on the Bovespa, without indicating an amount or date. Credit Suisse will manage the sale. The developer also plans to sell BRL370m in 2018 debentures January 5 at a proposed rate of DI plus 65bp, to raise funds for expansion. S&P gave an AA- local rating to the deal to be led by Itau. Cyrela attempted to sell BRL500m in 10-year bonds internationally in June, but pulled the deal due to the liquidity crunch.