April 26, 2018 |
Light Energia followed up investor meetings on Tuesday with an immediate $600m five-year bond issuance, DCM sources confirmed.
Underwriters started initial price talk (IPT) in the mid 7% area after Cemig, a 49% shareholder in Light, was spotted offering roughly 7.4% in yield for its 9.5% 2024 bond in secondary markets last week.
"Cemig is a good comparable, but Light is a better name," according to one investor who deemed Light's IPTs "very attractive." Cemig issued its $1bn in 2024s last Novemb
Brazilian electricity company prints $600m in 2023s immediately after wrapping up investor meetings