Brazil's Cosan drops plan to offer global bonds, source says

jueves 4 de diciembre de 2014 16:49 GYT
 

SAO PAULO Dec 4 (Reuters) - Brazil's Cosan SA Industria e Comercio decided on Thursday to suspend plans to sell an unspecified amount of global, dollar-denominated bonds to finance the repurchase of perpetual debt, a source with direct knowledge of the transaction said.

The decision took place because market conditions remain challenging for Brazilian debt issuers, said the source, who declined to be identified because the decision is private.

São Paulo-based Cosan and bankers on the deal met with investors in Switzerland and the United States this week to gauge demand for the deal. Investment banking firms Bank of America Merrill Lynch, Bradesco BBI, Itaú BBA and Morgan Stanley & Co were handling the transaction.

(Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)