Even optimizes its capital structure

The Company raised R$150 million in Debentures to pay its 2nd, 3rd and 4th issue of short-term debentures and fully settle its entire debt maturing until 2014.

São Paulo, October 5, 2012 – Even Construtora e Incorporadora S.A. – EVEN (BM&FBovespa: EVEN3), a builder and developer with operations in São Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul and a focus on residential developments with units priced up to R$500,000, announces that, on October 3, it raised its 6th Debenture Issue totaling R$150 million. After the transaction, the Company will fully pay its 2nd, 3rd and 4th Debenture Issues previously maturing in October 2013, October 2012 and June 2013, respectively.

The proceeds from the 6th Debenture Issue will be fully allocated to settle and anticipate the payment of the Company’s outstanding short-term debt, extending Even’s debt profile and, consequently, avoiding the increase in net debt. Debentures of the 6th issue will be remunerated at CDI + 1.6% p.a., maturing in five (5) years as of the issue date, with amortization in three annual instalments as of the third year.

The 2nd, 3rd and 4th Debenture Issues (principal and interest) totaled R$32 million, R$71 million and R$25 million, respectively. In addition, the Company allocated R$22 million to amortization and production financing.

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