PDG Follows Debt with New Equity

Brazil’s PDG realty plans to raise BRL750m-BRL850m through a primary share offering, as it makes use of improving market sentiment to raise funds for new projects. The developer plans to offer 56m shares, and arrives at the total range based on Monday’s close of BRL27.70 and considering a September 9 one-for-two share split. The lead bank may also exercise a 15% greenshoe. Investor presentations and bookbuilding are expected to begin September 21, with pricing likely October 1, according to the offering prospectus. UBS will manage the transaction, alongside Itau and Goldman Sachs. PDG shares closed Tuesday at BRL25.49. It is also preparing to raise up to BRL300m through the sale of 2014 debentures.