Brazilian mining company Samarco Mineracao, which pioneered Brazil's securitization efforts with a $67 million deal launched in 1995, is getting ready to launch a second transaction.

Samarco will seek to swap its outstanding $40 million in seven-year asset-backed bonds issued in 1995 with new $100 million five-year paper through BNP Paribas and Banco BBA Creditanstalt. Pricing is said to be in the 350 basis points area.

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