Engie names banks for debt sale

Engie names banks for debt sale

Debenture Debt Capital Markets Fixed Income Energy Electricity Brazil Europe

Engie Brasil Energia, a subsidiary of the French electric utility company Engie, has named five bookrunners for an upcoming debenture deal.

Santander will lead the BRL1.6bn ($405m) debt sale with Bradesco BBI, Itaú BBA, Banco Safra and BB Investimentos, according to a prospectus issued on Tuesday.

Engie will divide the deal into four series with BRL955m in seven-year notes and BRL645m in 10-year notes. The first and the fourth series will pay a fixed rate of 3.7%, while the second series will pay 3.9% and the third 3.6%.

Engie said it will use BRL853m from the debenture sale to finance the BRL2.17bn Jaguara hydroelectric project and BRL549m for the BRL1.36bn Miranda hydroelectirc project. It will also use BRL124m for the BRL585m Umburanas wind project and BRL74.1m for the BRL186m Assu V solar project.

The company said it expects to sell the notes on August 22.