Natura taps Pinheiro Neto for capital raise
Brazilian cosmetics company Natura & Co has carried out a capital raise of around 2 billion reais (around $385.6 million), for which it engaged law firm Pinheiro Neto.
Natura & Co is a high-street cosmetics retaler that also owns the Avon, The Body Shop and Aesop brands.
The capital increase was carried out via a share offering, and the proceeds will be allocated to strengthening the company’s capital structure, enhancing the company’s cash position and reducing its consolidated financial leverage, the law firm said.
The controlling shareholders of Natura & Co. took part with a total investment of 508 million reais via subscription and payment of shares resulting from the exercise of part of their subscription rights, while certain financial investors made a firm commitment to subscribe and pay for the shares for a total amount of 491.9 million reais, subject to the terms and conditions set forth in subscription agreements entered into with such Investors.
In order to allow the subscription by the Investors, some controlling shareholders of Natura & Co will assign to the Investors part of their share subscription rights, related to a total of 11,261,627 shares. The price per share was 32 reais ($6.17).
