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Published on 1/22/2020 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Eletrobras tenders for any and all $1.75 billion 5¾% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Jan. 22 – Brazil’s Centrais Electricas Brasileiras SA (Eletrobras) tendered for any and all of its $1.75 billion of 5¾% notes due 2021 (Cusip: P22854AG1/15234QAL2), according to a company news release.

The company is offering $1,060 per $1,000 of notes tendered.

Holders will also receive accrued interest to but excluding the settlement date.

The offer will expire at 8:30 a.m. ET on Jan. 30.

The guaranteed delivery deadline is Feb. 3.

The company also plans to issue a series of new notes in an international capital markets offering, the subject to market conditions. The tender offer is conditioned on adequate proceeds from the new notes to finance, in whole or in part, the payment by it of the tender offer consideration and the accrued interest.

Holders who tender their existing notes and wish to subscribe for new notes may receive priority in the allocation of the new notes.

Goldman Sachs & Co. LLC (212 357-1452), Itau BBA USA Securities, Inc. (212 710-6749) and Santander Investment Securities Inc. (212 940-1442) are the dealer managers.

D.F. King & Co., Inc. (212 269 5550 or 866 406 2284) is the tender agent.

Brasilia-based Eletrobras is Brazil’s largest utility company.


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