Brazilian boutique investment bank Unitas is using a tuition deal it arranged for Universidade Luterana do Brasil (Ulbras) as a template for an upcoming transaction for Rio de Janeiro-based UniverCidade, said Unitas partner Joao da Rocha Lima.

In particular, the pipelined deal will also feature a true-sale debenture structure, a route that has fallen out of favor with the rise of the more tax-friendly receivables investment funds (FIDCs). Da Rocha argues that the particular future-flow nature of the receivables deal for Ulbras would not jibe with the FIDC structure.

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