Renner Tightens Debentures

Brazil’s Lojas Renner has completed the sale of BRL300m ($147m) in the domestic bond market, according to the CVM, at a lower cost than the targets the retailer set when it started marketing. A BRL220m 2018 tranche pays the DI+0.97%, landing inside of a 1.05% limit. A BRL80m 2019 inflation-linked tranche pays 5.70%, coming in under a 6.20% limit. Each tranche amortizes in three equal parts during the final three years. The retailer is raising funds to improve its capital structure. Itau and HSBC managed the sale, rated AA+ on a national scale.