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GC Asia
Brazilian bid prompts Cosan to add real note
Cosan, the Brazilian conglomerate, sold $750m-equivalent of bonds on Thursday, nearly double its original target, after taking advantage of strong demand from Brazilian investors to add a global tranche in reais.
The Ba2/BB/BB+ rated company, whose core business is the sugar-ethanol industry, added the R500m ($254m) local currency tranche to the $500m dollar portion on Wednesday evening, after the order book reached $9bn. The borrower had planned to issue around $400m of notes only in dollars.
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