BR Properties Readies Local Debut

BR Properties plans to raise BRL400m ($199m) in its first-ever domestic bond transaction, it says. The issue will have a 2017 tranche paying the DI plus up to 1.0% and an inflation-linked 2019 tranche paying up to 6.25%. The size and exact rate will be determined during the bookbuilding process, scheduled for July 13-26. Roadshows are scheduled to start June 18. The proceeds are targeted to repay short-term debt. Banco Votorantim, Bradesco, BTG Pactual, Citi, Itau and Santander are managing the sale, rated AA on a national scale.