Lojas Americanas Completes Local Bond

Brazilian retail chain Lojas Americanas has closed a BRL500m ($292m) domestic bond, according to Anbima. The BRL500m 7-year pays 113% of the DI rate, and amortizes in 3 equal parts in years 5, 6 and 7. Americanas is raising funds to replace debt due this year. Banco do Brasil managed the sale, done under the rule 476 restricted format. Last week, the retailer agreed to sell BRL293m in 2017 convertible debentures to government development bank BNDES. The bonds to be purchased by the bank’s BNDESPar unit pay a fixed rate of 13.15%, and are convertible at a BRL19.25 per share price at any time.