Duratex Gets BNDES Funds

Brazilian wood and metal products company Duratex is set to receive BRL273m in funds from BNDES. The development bank has agreed to acquire BRL100m in 2017 convertible domestic bonds, pending shareholder approval. The bonds are convertible at BRL12.87, which compares to a BRL9.50 closing price Tuesday. BNDES will also provide a loan of BRL173m, the details of which Duratex does not disclose. Officials at the company could not be reached for comment. Duratex, 35% controlled by the Setubal family, is raising funds to expand its plant in Itapetininga, Sao Paulo state.