Brazilian Waste Manager Raises Local Debt

Waste disposal specialist Estre Ambiental has placed BRL680m ($425m) in bonds in Brazil’s domestic market. The 2017 subordinated notes pay the DI+3.3%, and amortize twice a year beginning in 2013. BTG managed the sale, done under the rule 476 restricted format. Estre paid BRL610m earlier this year to acquire Cavo Servicos e Saneamento from conglomerate Camargo Correa, and estimated at the time the need for an additional BRL70m in investment. BTG also advised on the purchase.