Sabesp reschedules debenture return

Sabesp reschedules debenture return

Debenture Debt Capital Markets Corporate & Sovereign Strategy Project & Infrastructure Finance Brazil

Sabesp said it plans to sell up to BRL1.5bn ($389m), or at least BRL750m, to pay off debt due this year and add to is cash position. The São Paulo state water company did not say which banks it has hired to lead the two-part debenture deal under Brazil's Rule 476 or when it intends to price the new notes. Shares in Sabesp dropped 1.65% to BRL39.97 after the announcement.  Sabesp cancelled a BRL750m debenture deal in July last year, due to "domestic market volatility." It sold BRL750m in local

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