(Adds final deal terms, share performance)
By Paula Laier and Guillermo Parra-Bernal
SAO PAULO, March 9 Lojas Americanas SA raised
2.405 billion reais ($760.8 million) from the sale of new common
and preferred shares in a restricted-efforts offer, helping
Brazil's largest discount retailer reduce debt and pay for
In a securities filing, Americanas said the offering
involved the sale of 9.3 million common stock at 12.71 reais
each and of 142.9 million preferred stock at 16 reais each.
A person with direct knowledge of the deal said investor
demand came in at about twice the amount of shares offered,
according to its final terms.
The successful fundraising underscores rebounding interest
in Brazilian shares among investors.
Government efforts to rebalance fiscal accounts are drawing
money back into Brazil, even though the country is struggling
with a recession that is entering a third year.
The share sale was a primary offering in which all the money
raised goes into the company's coffers. This year, two initial
public offerings have priced, marking the busiest local stock
and debt fundraising period in six years.
Rio de Janeiro-based Americanas hired Credit Suisse Group AG
to manage the deal, jointly with investment banks Itaú
BBA SA, BB Investimentos, Bradesco BBI SA, Grupo BTG Pactual SA,
JPMorgan Chase & Co and Santander Investment Securities.
Preferred shares in Americanas fell 0.9 percent
to 16 reais in early Thursday trading, approaching an 11-week
Public offerings with restricted efforts differ from
standard equity offerings in that a company does not have to
request registration of the plan with securities industry
watchdog CVM. Only qualified investors can participate in such
offerings, and the deals cannot be marketed through road shows
or the media.
($1 = 3.1610 reais)
(Reporting by Paula Laier; writing by Guillermo Parra-Bernal;
editing by Jason Neely and Chizu Nomiyama)