Totvs Gets BNDES Loan, Revs Up Bond

The board of Brazilian software company Totvs has obtained a BRL205m loan from development bank BNDES to compliment a sale of BRL200m in debentures. The 6-year facility will pay TJLP plus 1.5% and be used to fund the development of new products. Totvs has also launched the private placement of BRL200m 2019 debentures backed by a guarantee from BNDES, paying TJLP plus 1.5%. The bonds are being offered to Totvs shareholders during a 30-day subscription period, with BNDES purchasing any unsubscribed notes. In July, Totvs and announced talks to acquire competitor Datasul for BRL480m plus 4.6m Totvs shares.