Eldorado Brasil shareholders approve plan to raise $500 mln in bond sale
SAO PAULO, March 22 (Reuters) - Shareholders in Eldorado Brasil SA, which is controlled by the billionaire Batista family, approved a plan to sell $500 million in global bonds, marking the pulpmaker's debut in international debt markets in a tough year for Brazilian issuers.
The offering would be for notes of up to seven years, according to a statement on Tuesday. The statement did not give a timetable for a potential transaction.
In January, Chief Executive Officer José Carlos Grubisich told Reuters that a plan to sell global bonds or equity was in the offing if market conditions turned favorable. Access to international debt markets this year looks "certain" for Eldorado because of strong demand for pulp worldwide and ongoing efforts to cut debt and costs, Grubisich said at the time.
The Batistas control Eldorado through their investment holding company J&F Investimentos Ltda, and are also thwe majority shareholders in JBS SA, the world's No. 1 meatpacker.
No Brazilian company has been able to place bonds in global markets since last year, when state-controlled oil producer Petróleo Brasileiro SA sold $2.5 billion in so-called Century bonds. (Reporting by Guillermo Parra-Bernal; Editing by David Gregorio)
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