Camargo Unit Hits 72% in Buyback

Camargo Correa has received consent from holders of $180.6m, or 72.3%, of a 7.875% coupon 2016 bonds sold through its CCSA Finance unit. The Brazilian industrial conglomerate is offering holders $1,075 for each $1,000 principal amount of notes, with an additional $20 for those agreeing before the March 9 early deadline. The offer for all of the $250m outstanding bonds expires March 22. Camargo does not plan any fundraising to support the buyback, according to a banker managing the sale. JPMorgan is dealer-manager. The notes were sold in 2006, through Credit Suisse and BNP.