Brazil's Ultrapar plans to issue R$800 million of five-year debentures

By Susanna Moon

Chicago, Dec. 12 - Ultrapar Holdings Inc.'s board of directors approved issuing up to R$800 million of five-year debentures at a board meeting on Wednesday, according to a 6-K filing with the Securities and Exchange Commission.

The company plans to issue 80,000 debentures at par of R$10,000 in a single tranche.

Interest will be 107.9% of the accumulated variation of the average daily DI rates (inter-bank deposits of one day), calculated and published daily by Cetip SA - Mercados Organizados.

The board members also approved the renewal of the financing with Banco do Brasil SA for a period of three years by its wholly owned subsidiary Ipiranga Produtos de Petroleo SA, with principal amount of R$909.5 million.

Interest will be 105.5% of the accumulated variation of the average daily DI rates, calculated and published daily by Cetip SA - Mercados Organizados.

The board authorized the hiring of a financing to be contracted by Ipiranga, through the issuance of simple debentures guaranteed by third party, to be issued for public distribution with restricted efforts, the filing noted.

The petrochemicals company is based in Sao Paulo, Brazil.

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