Neoenergia arranges debt sale ahead of IPO

Neoenergia arranges debt sale ahead of IPO

Debenture Debt Capital Markets Corporate & Sovereign Strategy IPO Equity Energy Electricity Rule 476 Brazil

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 line

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