Brazil's Sifco cancels plans to sell $200 million notes

By Christine Van Dusen

Atlanta, Nov. 13 - Brazil-based Sifco SA has canceled plans for a $200 million issue of notes due to market conditions, according to a company announcement.

The notes were planned as part of a tender offer.

"The tender offer was terminated because the company has, due to market conditions, temporarily suspended the offering of new notes ... opting instead to take advantage of more favorable financing alternatives available in the Brazilian domestic market," the company said.

Citigroup, Goldman Sachs and Banco Pine were the bookrunners for the Rule 144A and Regulation S deal, which was talked at a yield in the 12¾% area.

The notes were to be non-callable for three years and include a change-of-control put at 101%.

Sifco is a Sao Paulo-based manufacturer of forged components for several segments of the foreign and domestic automotive industry.

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