Rossi Close to Renegotiation, Capital Raise

Rossi Residencial is close to finalizing the renegotiation of covenants with Brazilian Securities for one of its domestic debt issuances, it says, and expects to finalize an equity capital raise in “the next few days.” Following adjusted covenants agreed with Bradesco, Caixa Economica Federal and BTG Pactual, the Brazilian developer is reworking those on bonds sold entirely to Brazilian Securities in order to back a sale of Certificados de Recebiveis Imobiliarios (CRI). Rossi is also preparing a private share subscription that could raise as much as BRL500m ($245m), closing this quarter.