Kroton Sets FO Date

Brazil’s Kroton will begin marketing an equity follow-on June 15 and plans to price June 29, it says in a prospectus. The private education company plans to sell 19.5m units, each consisting of one ordinary share and six preferred shares. Such a sale would raise BRL391m ($244m), based on Friday’s BRL20.05 per unit closing price, or BRL450m if a 15% greenshoe is included. A 20% hot issue is also available. Of the 19.5 units, 1m are secondary shares to be sold by four minority holders, as are up to 1m units of the hot issue. The issuer is seeking to improve liquidity and raise funds for expansion. Bradesco, BTG Pactual, Itau and Santander are managing.