Fibria Sets FO Timetable

Fibria plans to start roadshowing an expected BRL1.46bn ($802m) equity follow-on March 30, ahead of an April 19 pricing, according to a prospectus. The Brazilian pulp producer plans to sell 86m shares, meaning a BRL1.46bn deal, based on Wednesday’s BRL14.73 close and assuming the exercise of a 15% greenshoe. The sale would be the first offering under the new Fibria name, though both Votorantim Celulose e Papel and Aracruz were longtime Bovespa members, and is done to raise funds for repaying debt and general purposes. Following the sale, the ownership should remain the same, according to the prospectus, with 30% each stakes for Grupo Votorantim and for BNDESPar, and 40% to other shareholders. Itau and Bank of America Merrill Lynch are global coordinators, with Banco do Brasil, BTG Pactual, Deutsche Bank and Santander as bookrunners.