Even optimizes capital structure

Even optimizes capital structure

Company raises R$75 million in a structured operation involving the issue of CRIs and anticipates the payment of the 1st installment of the 3rd Issue of Debentures, which would mature in October 2011

São Paulo, August 15, 2011 - Even Construtora e Incorporadora S.A. - EVEN (BM&FBovespa: EVEN3), with operations in São Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul and focus on residential projects of up to R$500,000, announces that it has concluded today the raising of R$75 million through a structured operation involving the issue of CRIs (certificates of real estate receivables), which were distributed in the market. With this operation, the Company adds a new type of financing to its funding base.

The funds obtained through the operation involving CRIs will be used in the construction and development of residential real estate projects. The debt represented by CRIs bears interest at the DI rate + 1.5% per year. The principal will be amortized in a single installment on August 15, 2023 and the compensation on the principal will be paid in three (3) installments, on the following dates: August 17, 2015, August 15, 2019 and August 15, 2023. The operation may be renegotiated on August 17, 2015 and August 15, 2019, subject to the agreement of investors. In addition, the Company may prepay the debt at any time, provided that it gives a one-year notice.

With the purpose of optimizing its capital structure and lengthen the general profile of its debt, the company used its own cash and anticipated on this date the payment of the first installment of the 3rd Issue of Debentures, which would mature in October 2011 (principal and interest), in the total amount of R$71.6 million. The next and the last installment of these debentures will only mature in October 2012.

We highlight that there was a small increase of only R$3.4 million in net debt and that there will be no corporate debt maturing in the short term.

The chart below shows the new schedule of corporate debt principal amortization.

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