December 24, 2009
Cemig Geracao e Transmissao, a unit of Brazilian utility Cemig, is planning to raise BRL2.7bn by issuing non-convertible debentures in 2 tranches. The first series will mature January 15 2012 and is capped at 1.5% over DI, while the second is due January 15 2015, starts amortizing in 2013, and pays a maximum of 1.5% over the 5-year NTN-B. Bookbuilding is scheduled for January 15. BB Investimentos is lead coordinator, alongside Caixa Economica Federal, HSBC, Votorantim, BES and BTG. Cemig is guaranteeing the deal, whose proceeds are earmarked for refinancing.