 |
January 2, 2008 |
|
|
|
 |
COMPANHIA ENERGETICA: Closes BRL400MM Non-Convertible Bonds Sale Companhia Energetica de Minas Gerais's distribution unit Cemig Distribuicao said in a filing with the Brazilian securities regulator Comissao de Valores Mobiliarios that it has completed the sale of BRL400 million of non-convertible debentures. About 40,000 debentures were issued at BRL10,000 each, Business News Americas relates, citing Companhia Energetica. Investment and pension funds purchased most of the debentures. Banco do Brasil's investment arm BB Investimentos handled the issue. The debentures will mature in December 2017 and pay 7.96% interest in real terms. Proceeds will be used to pay down debt, Companhia Energetica told BNamericas. Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As reported on March 8, 2007, Moody's Investors Service assigned corporate family ratings of Ba2 on its global scale and Aa3.br on its Brazilian national scale to Companhia Energetica de Minas Gerais aka CEMIG. The rating action triggered the upgrade of CEMIG's outstanding debentures due in 2009 and 2011, and of the BRL250 million 2014 senior unsecured guaranteed debentures of its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from B1 on the global scale and to Aa3.br from Baa2.br on the Brazilian national scale, concluding the review process initiated on Aug. 8, 2006. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
