By Paul A. Harris
St. Louis, Nov. 22 - Brazil's Centrais Eletricas Brasileiras SA (Eletrobras) priced a $300 million issue of 7¾% 10-year notes (BB-) at 99.146 on Monday night to yield 7 7/8%, according to an informed source.
The yield came right on top of price talk, the source said, adding that the order book was oversubscribed, containing more than $700 million of orders.
Dresdner Kleinwort Wasserstein was the bookrunner for the Rule 144A/Regulation S issue.
The issuer is a publicly traded government holding company for Brazil's electric companies and has headquarters in Rio de Janeiro.
| Issuer: | Centrais Eletricas Brasileiras SA (Eletrobras)
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| Amount: | $300 million
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| Maturity: | Nov. 30, 2015
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| Security description: | Notes
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| Bookrunner: | Dresdner Kleinwort Wasserstein
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| Coupon: | 7¾%
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| Price: | 99.146
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| Yield: | 7 7/8%
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| Spread: | 341 basis points
|
| Call protection: | Non-callable for life
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| Pricing date: | Nov. 21
|
| Rating: | Standard & Poor's: BB-
|
| Price talk: | 7 7/8% area
|
| Distribution: | Rule 144A/Regulation S
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