(Bloomberg) April 14, 2011 – Arcos Dorados Holdings Inc., the Buenos Aires-based operator of McDonald’s Corp. restaurants in Latin America and the Caribbean, raised $1.25 billion in its expanded initial share sale, 33 percent more than it sought.
Arcos said in a statement yesterday it sold 73.5 million shares at $17 each. The company had offered 62.5 million shares at $13 to $15 apiece, according to a filing with the U.S. Securities and Exchange Commission. The deal received more than 10 times more orders than the amount of stock being offered, a person with knowledge of the situation said.
The expansion of Brazil’s economy has helped Arcos more than quadruple net income since 2007, when it bought the McDonald’s Latin America business. Sales at the operator’s Brazil outlets surged 33 percent last year, outpacing a 13 percent jump for all of Arcos.
By Lee Spears