By Reshmi Basu
New York, March 28 - Rede Empresas de Energia Eletrica SA placed an upsized $400 million issue of perpetual senior unsecured notes (B3//B expected) at par to yield 11 1/8%, according to a market source.
The deal, increased from $200 million, priced in the middle of price guidance for a yield of 11% to 11¼%.
The fixed-rate notes will be non-callable for five years. Starting in 2012, the notes will be callable at par.
Merrill Lynch was the bookrunner for the Rule 144A and Regulation S transaction.
The Sao Paulo-based issuer, formerly known as Caiua Servicos de Eletricidade SA, is involved in the operation, generation, transmission and distribution of electricity.
| Issuer: | Rede Empresas de Energia Eletrica SA
|
| Amount: | $400 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | Perpetual
|
| Coupon: | 11 1/8%
|
| Issue price: | Par
|
| Yield: | 11 1/8%
|
| Call option: | Beginning in 2012 at par
|
| Lead manager: | Merrill Lynch
|
| Pricing date: | March 28
|
| Settlement date: | April 2
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody's: B3
|
| Fitch: B expected
|
| Price guidance: | 11% to 11¼%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
