Sabesp directors approve offering of up to R$1.5 billion debentures

By Wendy Van Sickle

Columbus, Ohio, April 12 – Companhia de Saneamento Básico do Estado de Sao Paulo – Sabesp announced that its board of directors has approved an offering of up to R$1.5 billion of unsecured, non-convertible debentures in up to two series.

The first series will have a five-year term and the second an eight-year term with amortization of 33% in each of years six and seven.

The first series will be callable after three years with a redemption premium of 20 basis points a year for each remaining year.

The second series will be non-callable.

Proceeds will be used to refinance commitments maturity this year and for cash.

Sabesp is a Sao Paulo, Brazil-based utility that provides water and sewage services.

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