Brazil’s GPA Said to Sell $142 Million in Share Offering

Brazil’s biggest retailer Cia Brasileira de Distribuicao raised 704 million reais ($141.6 million) in a primary equity offering as it works to slash its debt load, according to people familiar with the matter.

GPA, as the grocery store chain owner is known, sold shares at 3.20 reais each, the people said, asking not to be named because no public announcement was made. The firm sold 220 million shares in the offering, according to the people. The price represents a discount of about 4% from closing price of 3.33 reais on Wednesday.

GPA didn’t immediately reply to an email seeking comment. ...