Brazil's Votorantim Cimentos Raises $750M From Overseas Bonds Issue-Source

Byyyp

Updated 2011-04-07

Brazilian cement company Votorantim Cimentos SA raised $750 million from an overseas bonds issue due in 2041, a person close to the transaction told Dow Jones Newswires Wednesday.

The company will pay an annual yield of 7.3%.

Banco Itau BBA, Bank of America Merrill Lynch and J.P. Morgan Chase & Co. coordinated the operation.

Votorantim Cimentos will use the proceeds to refinance existing debt.

The issue was rated at "Baa3" by Moody's Investors Service and at "BBB-" by Fitch Ratings.

The company is part of the industrial conglomerate Grupo Votorantim, which has operations in cement and concrete, mining and metallurgy, pulp and paper, concentrated orange juice, chemicals, electric power, and finance.

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