Sifco Postpones LM Plans

Brazil’s Sifco has postponed a $200m 2018 international bond sale and cash tender offer for its 2016 bonds, according to investors who have seen a statement from the company. “Sifco announced today that it has temporarily suspended its bond plans and cash tender because of market conditions, opting instead for taking more favorable alternatives in the Brazilian market,” the company is said to inform the buyside. The issuer was heard considering widening yield guidance from the 12.75%-area level it had communicated, before choosing to postpone. The manufacturer of forged components had met accounts on four continents to market the operation. In the tender, Sifco had been targeting any and all of its $75m outstanding 11.50% 2016 bonds, offering $960m per $1,000 principal. The transaction was subject to the sale of the new 2018s. Goldman Sachs, Citi, and Banco Pine were managing investor meetings and tender offer.