Categories: Business

Americanas: banks agree to roll over debts to avoid bankruptcy and ask for capitalization

Americanas: banks agree to roll over debts to avoid bankruptcy and ask for capitalization

Americanas’ creditor banks agreed to roll over the company’s debt, to prevent it from going bankrupt and generating a ripple effect both in the financial system and in retail.

But they condition the company to capitalize quickly, which must be done through the issuance of shares, in an offer of a few billion reais.

In the market’s view, the exposure of institutions to the company in the future may fall, with banks tightening conditions to finance the retailer ahead, in the face of the confidence crisis generated by the discovery of accounting inconsistencies of at least R$ 20 billion.

People aware of the negotiation heard by the Estadão/BroadcastGrupo Estado’s real-time news system, said the financial institutions had agreed to roll over Americanas’ debt.

Banks have been consulted over the last few days about the possibility — the company communicated the problem to the market on Wednesday afternoon. A director of a creditor bank said that the institution “gave a breather” to Americanas.

Another banker said the “positive signal” is tied to “quick capitalization of a few billions”. According to this banker, 3G, the management company that brings together the trio of Americanas partners, will have to participate for the stock offering to go ahead.

Due to its size, Americanas is a customer of virtually all major banks, according to operators in the sector. Therefore, it would not be interesting to leave it to starvation.

However, executives believe that financing conditions will become tougher in the future, with institutions charging more to assume greater risk. This was reflected yesterday in the secondary market for the company’s debt securities, with a jump in the rates charged and a fall in the face value.

In the balance sheet for September last year, Americanas reported gross debt of R$ 19.3 billion, of which R$ 17.1 billion was long-term, that is, maturing in terms of over one year. Of this total, R$ 15.6 billion were in loans and financing, according to the company. The remainder was in debentures.

The former president of the retailer, Sergio Rial, said in an 11-minute video available on the Americanas website that gross debt is between R$30 billion and R$35 billion, after growing in 2022, especially in the third and fourth quarters. . That is, apparently much larger than the balance sheet data show.

Supplier financing

One of the big risks at that moment would be the interruption of the banks’ line for financing suppliers, especially now that sales are growing, Rial said in the video – in the first two weeks of the year, sales had an increase of over 17%.

“I hope that the banks have a balanced posture and obviously allow the current management to find a path that works for everyone,” he said.

americans in crisis

Financial sector analysts said they believed that the impact of a possible loss with Americanas would be small for each institution. Without revealing names, the banks report the exposure they have to their biggest debtors, and in the view of professionals, the data show that the shock would be contained.

Analyst Marcelo Telles, from Credit Suisse, consulted institutions’ exposures to their largest debtors. On the average for the sector, credit to each economic group represents around R$ 1.9 billion, he calculated, or 1.6% of the sector’s capital. The bank considered the debtors that are between the 11th and 20th position in the balance sheets of the institutions, and estimates that Americanas has the 26th highest debt among Brazilian companies.

This Friday, the 13th, Bradesco BBI calculated that the banks most exposed to retailers are Santander Brasil and BTG Pactual, with around 7% of the total loan portfolio, followed by Itaú and ABC Brasil, with 3%, and Banrisul and Banco do Brasil, with 2% each.

Source: CNN Brasil