Tecnisa to Try Local Funding

Real estate developer Tecnisa plans to sell up to BRL300m ($190m) in bonds in Brazil’s domestic market, choosing from among three possible tranches during the bookbuilding process. A 2015 tranche would pay the DI plus up to 1.85%, a 2016 tranche would pay DI plus up to 2.0%, and a 2017 inflation-linked portion would pay a fixed rate. Tecnisa is raising funds to improve its debt profile and provide working capital. An IR official says the company will not unveil the lead(s) on the deal until later this week. The paper is being sold under a 476 restricted format. Tecnisa is rated A minus on a national scale.