Brazil Lab Sells $250m Bond

Brazilian medical testing service provider Diagnosticos da America has priced $250m in 2018 bonds at 98.374 with a 8.750% coupon, to yield 9.000%. The BB minus deal was more than eight times oversubscribed, according to a banker on the deal, and tightened from 9.25% guidance. Observers away from the deal attributed success to an intensive roadshow, and reasonable prices for a BB name. Proceeds will go towards expansion, including acquisitions. Credit Suisse and Merrill Lynch managed the sale.