CORRECTION: This story was corrected on Wednesday, September 24 to say that Fitch changed the outlook on Ambipar’s rating to negative, but did not lower the rating
Brazil’s Ambipar Environmental ESG announced plans to raise up to BRL3 billion ($560 million) in a two-part debentures sale, after refreshing its financial leadership with a new CFO.
The notes offering is designed to refinance local issuance, the company said in a securities filing on Tuesday, without disclosing pricing expectations.
The announcement comes after Fitch changed the outlook on the firm’s local debt rating to negative from positive on September 12, saying corporate governance concerns may push up fundraising costs. Fitch affirmed the rating at BB-.
Ambipar is also returning to the local market after naming Ricardo Rosanova Garcio both CFO and IRO to replace João Daniel Piran de Arruda and Pedro Borges Pedersen, who previously held the positions.
Borges Pedersen is being investigated by Brazil’s securities regulator for alleged irregularities in the company’s share buyback earlier this year.
The company last printed debentures in May 2024, though it has been active in the international market in the interim, printing $400 million in January this year.