By Susanna Moon
Chicago, May 8 – Brazil’s Companhia de Transmissão de Energia Eletrica Paulista, or Cteep, said it issued R$621 million of 4.7% unsecured debentures due 2025 linked to the IPCA inflation index.
The amount will be restated annually according to the variation of the IPCA inflation index. The restated amount will accrue compensatory interest at a rate of 4.7% per year, base 252, calculated exponentially and cumulatively pro rata tempore from the first date of subscription and payment until the redemption date, according to a company announcement.
The sale was the seventh issue of the simple unsecured debentures and the first transmission sector issue to qualify as a green bond in the Brazilian capital market, the release stated.
Proceeds will be used for investments in the ERB, IE Aguapei, IE Aimorés, IE Itapura, IE Itaquerê, IE Itaúnas, IE Paraguacu and IE Tibagi projects, which come from the auctions held on October 2016 and April 2017.
The issuer is a transmission system operator of electric power grid based in Sao Paulo.
| Issuer: | Companhia de Transmissão de Energia Eletrica Paulista
|
| Issue: | Unsecured debentures
|
| Underlying: | IPCA inflation index
|
| Amount: | R$621 million
|
| Maturity: | April 15, 2025
|
| Coupon: | 4.7%
|
| Settlement date: | May 8
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