Brazilian Developer Preps Caixa Cash

Brazil’s Trisul plans to raise BRL300m from Caixa Economica federal through a 2015 debenture transaction. In the deal similar to one the federally backed bank did last year for fellow real estate developer Tenda, Caixa will release the funds from the FGTS guarantee fund into a special account Trisul can use for project development, according to a Trisul IR official. A portion of the issuance will pay interest at the TR rate plus 8.5% and the remainder at TR plus 10.5%, depending on the value of the projects Tenda acquires with the funds. The deal is managed by Planner Corretora and features a 3-year grace period. The developer aims to close the transaction by the end of the month or early February. Trisul is rated A minus on a national scale.