Vale settles US $ 5 billion in revolving credit lines, IRB will issue up to R $ 900 million in debentures, Restoque concludes extrajudicial recovery and more


In the corporate sphere, Boa Vista (BOAS3) confirmed a price of R $ 12.20 per share in an IPO, in the center of the indicative range, in an offer that moved R $ 2.17 billion. Today, the market follows the debut of the new shares of Santos Brasil (STBP3), after an offer made by the company.

Hapvida (HAPV3) announced the purchase of Grupo Santa Filomena for R $ 45 million, while Vale (VALE3) reported the payment of US $ 5 billion of its revolving credit lines due in June 2022 and December 2024.

IRB (IRBR3) is preparing an issue of simple debentures, in two series, in the amount of up to R $ 900 million. In addition, Braskem (BRKM5) was assessed by the Instituto do Meio Ambiente de Alagoas, while CCR (CCRO3) and EzTec (EZTC3) will pay dividends.

Check out the highlights:

The Environmental Institute of Alagoas (IMA-AL) assessed Braskem during the second edition of the agency’s Integrated Inspection, according to G1. The industrial unit, located in the municipality of Marechal Deodoro, received a fine of approximately R $ 200 thousand.

The irregularities found by the IMA-AL inspection team were the expiration of the environmental license, irregularity in the destination of solid waste and also the non-manifestation of transport that is suitable for hazardous waste.

Boa Vista (BOAS3)

Boa Vista set the price per share at R $ 12.20 in its initial public offering (IPO). The company raised R $ 2.17 billion, placing the base offer of R $ 1.89 billion and the supplementary lot – there was no additional lot. The indicative range was from R $ 10.80 to R $ 13.60.

The Federal Supreme Court (STF) will judge tomorrow an action that seeks to prevent the sale of Petrobras refineries without bidding or approval from the National Congress. The tendency is for the Court to reaffirm the understanding established last year by the plenary, that the requirements are only necessary for the sale of “parent companies” – in this case, Petrobras, according to O Globo. To privatize the subsidiaries, however, the requirements do not apply.

In addition, Petrobras informed the start of the non-binding phase regarding the sale of its stakes in a set of twenty-six concessions for onshore production fields and shallow water, located in the Potiguar Basin, in the state of Rio Grande do Norte. According to the company, potential buyers qualified for this phase will receive instructions on the divestment process.

Bradesco BBI reduced Azul’s recommendation to neutral due to the limited scope for price increases, after the stock rebounded 66% since mid-March. According to the bank, the stock is operating at a multiple of 8.6 times EV (Company value) / Ebitda, 23% above its historical multiple.

According to the bank, further price increases depend on a faster recovery in demand for flights. The target price for 2021 was set at R $ 27, while the target price for 2020 is R $ 23. In a report, BBI reduced its Ebitda estimates by 38% in 2020 and 5% in 2021.

When a vaccine against Covid-19 is widely available, there may be a faster recovery in demand, which could raise Azul’s valuation to R $ 40, according to BBI. In this scenario, the estimate for Ebitda in 2021 and 2022 would be increased by 16% and 18%, respectively. On the other hand, the target price would drop to R $ 15 in a second wave scenario of Covid-19 in Brazil.

Credit Suisse increased the target price for Gerdau from R $ 19 to R $ 26 per share and maintained the outperform recommendation (above average performance). According to the bank, the review was made to incorporate the results of the second quarter and the expected increase in demand for 2020. In addition, the adjustment takes into account the high prices of long steel in Brazil, which increased by 10% in August and another 10% increase announced for the period between September and October.

According to the bank, the stock is operating at 6.3 times EV (Company value) / EBITDA of 2021, compared to a historical average of 6 to 6.5 times. In addition, Credit forecasts a recovery in profits due to growing demand and price increases, which could take the multiples to 7 to 7.5 times in 2021.

Hapvida announced the purchase of the Santa Filomena Group for R $ 45 million. The Santa Filomena Group is comprised of the health operator Filosanitas, from Hospital Santa Filomena, three medical clinics and a diagnostic imaging center, all located in the city of Rio Claro, in São Paulo.

According to the company, Filosanitas has a portfolio of approximately 5,500 beneficiaries of health plans concentrated in the Rio Claro region. Santa Filomena Hospital currently has 73 beds, 16 of which are ICU beds. The health region it encompasses has a population of 2.1 million inhabitants and about 840 thousand beneficiaries of private health plans.

According to Bradesco BBI, the purchase of the Santa Filomena group incorporates 5,000 lives to Hapvida, with an average price of R $ 230 per month. In addition, the bank said that the main gains from the transaction will come from synergies in the verticalization of procedures and a stronger presence in a region with more beneficiaries.

Although the acquisition price for life seems high, at R $ 8 thousand per life (compared to an average of R $ 6 thousand per life), the purchase brings assets considered substantial by Bradesco BBI, such as the hospital and a diagnostic center. The bank maintained the Neutral rating and the target price of R $ 73 for the paper.

Vale reported the payment of US $ 5 billion of its revolving credit lines due in June 2022 (US $ 2 billion) and December 2024 (US $ 3 billion), which were disbursed in March 2020. According to the company , amortization fully restores the availability of revolving credit lines to the original amount of US $ 5 billion.

The IRB approved the issuance of simple debentures, in two series, in the amount of up to R $ 900 million. Up to 900 thousand debentures will be issued, in an operation with restricted efforts (CVM 476), that is, aimed only at a group of qualified investors. The issue is scheduled for October 15, 2020. The debentures of the first series will have a term of three years, while those of the second will have a term of six years.

The purpose of the operation, according to the company, is to contribute to the adjustment of the IRB to the criteria defined by the Superintendence of Private Insurance (Susep) and the National Monetary Council (CVM).

Iguatemi (IGTA3)

Iguatemi approved its tenth issue of simple debentures, in two series. 500 thousand debentures will be issued, in the total amount of R $ 500 million. The issue date will be September 28, 2020. The funds will be used by the company to reinforce its working capital, activities related to the management of its business and the extension of its debt profile. The debentures will be issued with restricted efforts (CVM 476).

CCR will pay R $ 373.2 million in dividends on October 30, 2020, corresponding to R $ 0.18477410142 per common share. Holders of common shares in the shareholder base from October 1, 2020 will be entitled, and the shares will be traded “ex dividends” from October 2, 2020. Shareholders will have their credits available on October 30, 2020 .

Ez Tec approved the payment of dividends related to December 2019 in the amount of R $ 66.7 million, equivalent to R $ 0.294083781 per common share. Dividends will be paid to shareholders on October 2, 2020, based on the shareholding position of April 28, 2020, and as of April 29, 2020 (inclusive) the shares started to be traded ex-dividends.

Invepar informed that the shareholders approved in AGE the restructuring of the company’s debt, with authorization for the payment of obligations related to the company’s 3rd and 5th Debenture Issues. General debenture holders’ meetings of these two issues were also held, which approved the payment of obligations related to the company’s debentures, using part of the proceeds from CART’s merger and acquisition (M&A) operation, equivalent to the amount of R $ 400 million.

The use of funds from the remaining balance of the CART operation was also authorized, in addition to funds from the sale of stakes in the CRA and CBN highways, which have not yet been concluded.

The company also commented on a news item entitled “Invepar restructures billionaire debt and transfers Metrô do Rio and Linha Amarela to investors”. According to Invepar, the company’s debt restructuring agreement provides for the possibility of transferring a portion of Invepar’s interests in certain assets that are part of the guarantee package for the Company’s 3rd and 5th Debenture Issues.

However, this is one of the alternatives provided for in the Restructuring Agreement, and the implementation of any of these alternatives is subject to a series of conditions, including the consequences of the decision of the Superior Court of Justice, regulatory approvals, among other approvals and conditions. “For this reason, the Company reiterates that the final design and implementation of its debt restructuring are still subject to change.”

TIM’s board of directors received authorization from B3 to list its shares on the Novo Mercado. With this, the corporate restructuring of the company will be concluded, with the extinction of TIM Participações, which will be merged by TIM SA.

Trailer (LLIS3)

Restoque informed that it concluded its extrajudicial recovery process, which was approved yesterday. The company won over 87% of financial creditors. The company also said it will issue a new issue of debentures, maturing in 2025 and beginning amortization in 2023. The debentures will be received by all financial creditors to replace the credits held in relation to the company.

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