PDG Preps Land Securitization

Two Brazilian landowners plan to raise BRL145m ($78m) from a securitization of payments owed them by a group of projects developed by PDG Realty, according to S&P, who rates the deal A on a national scale. The 2015 transaction is backed by credit receivables related to the PDG’s Greenville development and other projects, and should pay the DI+1.75%. Hortoville Empreendimentos and Gobi Empreendimentos are the selling landowners. Itau is managing the sale.