Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Votorantim Industrial SA > News item |
Fitch rates Brasileira de Aluminio notes BBB
Fitch Ratings said it assigned an expected rating of BBB to the proposed notes to be issued by Companhia Brasileira de Aluminio, a wholly-owned subsidiary under Votorantim Participacoes.
The senior unsecured notes of up to $400 million will be due in 2024 and are unconditionally guaranteed by Votorantim Industrial, the industrial sub-holding company of Votorantim Participacoes, Fitch said.
The proceeds from the notes issuance will be used to finance a tender offer for outstanding notes, including Votorantim Industrial’s 6.625% notes due 2019, Voto-Votorantim Overseas Trading Operations IV Ltd.’s 7.75% notes due 2020 and Companhia Brasileira de Aluminio’s 6.75% notes due 2021.
The purpose of the 2024 notes is to reduce cross guarantees between Votorantim Industrial’s industrial subsidiaries, Fitch said.
The ratings reflect Votorantim Industrial’s guarantee and the strength of its operating subsidiaries, particularly Votorantim Cimentos, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.