Iguatemi Empresa de Shopping Center is planning to sell $178 million worth of debentures, The Wall Street Journal reports. The Brazilian shopping center administrator intends to use the proceeds to improve its on-hand cash and for acquisitions, including stakes in shopping centers or other real estate.
Banco Itau is lead coordinator of the operation. The Sao Paulo-based company raised $228 million in an initial public offering on the Brazilian Stock Exchange in 2007.
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