Cemig turns to local market to fund bond buyback

Cemig turns to local market to fund bond buyback

Corporate & Sovereign Strategy Bonds Debt Fixed Income Debenture Capital Markets Brazil Peru

Minas Gerais state power company Cemig plans to issue up to BRL1 billion ($190 million) in debentures in the Brazilian market to fund the buyback of international bonds that mature in 2024, according to a company source. "Our revenues are all in reais and issuing abroad nowadays is much more expensive than local. We have to make a full hedge," the source said. The company is looking to repurchase as much as $250 million out of $1 billion in 9.25% 2024 bonds, putting up $1,031.25 for every $1,000

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