ALL Issues 2012 Notes

Brazilian logistics company America Latina Logistica (ALL) has sold BRL1.3bn in convertible debentures due 2012. Major shareholders of the company subscribed BRL464.7m in notes which can be converted into 211m common shares, with a lock-up period of 3 years at BRL2.20 each, or units with immediate liquidity at BRL12.10. If held until 2012 maturity, the notes pay IPCA inflation plus 3.0%. ALL plans to use proceeds to help fund a 5-year investment plan. Following the deal, shareholders increased their stake in ALL to 57.2%, or 726m shares.