Minerva Raises FO Equity

Minerva has priced a BRL557m ($267m) equity follow-on, bringing the first marketed Brazilian equity deal since July at a 4.3% discount. The meatpacker priced 43m primary shares and 7.5m secondary shares, including a 15% greenshoe and 20% hot issue, at BRL11.00 each, according to the CVM. The price compares to Wednesday’s BRL11.50 closing level. The secondary shares were entirely part of the hot issue and sold by controller VDQ holdings. About 65% of the proceeds will be used for debt, and the remainder for acquisitions in the beef space in South America. BTG Pactual, Credit Suisse, HSBC and Morgan Stanley managed the sale, the first of several scheduled this week through December 12, the final period for getting equity deals out the door this year. Three more transactions are scheduled to price today. BTG Pactual is reopening its corporate real estate fund, this time to international investors as well as domestic buyers, in a bid to raise BRL2bn. Mexico’s Alsea is expected to raise MXP1.23bn ($95m). Grupo GDI is offering a MXP4bn Fibra, in the second-ever Fibra done since the creation of the asset class and the first to focus on hotel properties.