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Brazil's Lojas Americanas raises 7.9 bln reais in share offering -sources

Brazilian retailer Lojas Americanas raised 7.87 billion reais ($1.47 billion) in a primary share offering, aiming at capitalizing its subsidiary B2W Companhia Digital and expanding its businesses, two sources said.

By Carolina Mandl and Tatiana Bautzer

SAO PAULO, July 14 (Reuters) - Brazilian retailer Lojas Americanas LAME4.SA raised 7.87 billion reais ($1.47 billion) in a primary share offering, aiming at capitalizing its subsidiary B2W Companhia Digital BTOW3.SA and expanding its businesses, two sources said.

Lojas Americanas priced preferred shares at 34.5 reais each and common shares at 29.78 reais, the sources added, a 0.4% discount from closing prices.

Although the coronavirus pandemic has profoundly hit brick and mortar retailers, the e-commerce arms of Magazine Luiza MGLU3.SA, Via Varejo SA VVAR3.SA and Lojas Americanas have prospered. Preferred shares in Lojas Americanas are up almost 34% this year, while its common shares have soared 53%.

Investment banking units of Banco BTG Pactual, Bank of America, Itaú Unibanco Holding SA, Banco Bradesco SA, Banco Santander Brasil SA, Safra, Morgan Stanley and Goldman Sachs managed the offering.

($1 = 5.3674 reais)

(Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Christian Schmollinger and Tom Brown)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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