May 2, 2019 |
Brazil's Neoenergia said it plans to issue up to BRL1.5bn ($383m) in debentures in the local market, split between 10-year and 14-year issues, as it moves towards an IPO.
The Rio de Janeiro-based energy company, a subsidiary of Spain's Iberdrola, intends to issue at least BRL1.25bn in debentures, but it could sell another BRL250m in new notes to satisfy demand, it said in a securities filing.
The company said it will spend the proceeds on a hydroelectric plant, wind farms and transmission lines.
Iberdrola's subsidiary in Brazil looks to raise up to $383m in the local market as it prepares to go public