Brazil's Via taps banks for potential $205 mln share offering (updated)

Banco Santander Brasil SA

31/08/2023 12:45

(Adds details, context in paragraphs 3-5)
       SAO PAULO, Aug 31 (Reuters) - Brazilian retailer Via
 VIIA3.SA  said on Thursday it has hired banks to manage a
potential follow-on share offering aimed at raising about 1
billion reais ($204.62 million) to improve its capital
structure.
    The company said in a securities filing that Bradesco BBI,
BTG Pactual, UBS BB, Itau BBA and Santander Brasil have been
tapped to coordinate the potential offering, which can also
include an overallotment.
    Existing reference shareholders Goldentree, Michael Klein
and the Twinsf investment fund have expressed interest in
exercising their priority rights in the potential offering, Via
added.
        Via's final decision to proceed with the share offering
still depends on corporate approvals, as well as favorable
political and macroeconomic conditions and investor appetite,
the company said.
  
        Shares of Via are down roughly 45% so far this year, and
have sunk more than 35% in August alone. The company is of one
Brazil's largest retailers, owning the Casas Bahia and Ponto
chains.
  
    
($1 = 4.8872 reais)

 (Reporting by Gabriel Araujo; Editing by Kylie Madry)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))