Four Brazilian auto suppliers are ready to climb into a different kind of vehicle: the receivable investment fund (FIDC). Forming part of conglomerate G Brasil Participacoes (Grupo Brasil), the companies are jointly tapping their trade receivables for an initial issue this week of subordinated and senior shares totaling R$50 million ($23.3 million), according to a source on the transaction.
The overall program is split into R$85 million of senior shares and R$15 million in subordinated shares. Moody's Investors Service gave the senor shares a Baa3' local currency global rating and Aaa.br' national scale rating. The subordinated portion is unrated. The structurer on the deal is Gainvest do Brasil Asset Management, which has worked on two other FIDCs in the person loan sector.