Abril Defines Follow-on

Brazil’s Abril Educacao is expecting to raise BRL618m ($307m) in its equity follow-on in April. The educational company plans to sell 3.1m primary units and 9.9m secondary units, meaning a BRL618m deal at Monday’s BRL47.50 closing price. The totals assume a 15% greenshoe option. The secondary shares are to be sold by members of the controlling Civita family and private equity funds managed by BR Investimentos and Banif. Abril plans to use the primary proceeds to continue making the acquisitions that represent the main focus of the large competitors in a consolidating sector. The pricing date has not been set, but the deal is expected before the end of April, according to those following it. Bank of America Merrill Lynch, BTG Pactual, Bradesco, Credit Suisse and Itau are managing. Abril raised $273m-equivalent in its 2011 IPO.