Brazil’s Aliancse Preps Debentures

Brazil’s Aliancse Shopping Center has received board approval to issue BRL100m ($49m) in the local bond market, it says. Further details, including tenor and banks leading the transaction, were not immediately available. The company is raising funds in order to acquire and build new shopping centers and refurbish existing facilities as well as for general working capital purposes. It last priced a BRL185m debenture in March. The 2015 notes pay the DI+2.0%, in line with the ceiling it set, and amortize equally in years 4 and 5. Itau managed the sale, done under the rule 476 restricted format. In its most recent acquisition in January, Aliansce agreed to buy stakes in five malls for a total of BRL574.5m.