By Christine Van Dusen
Atlanta, Jan. 20 - Brazil's Energisa SA priced $200 million perpetual notes (Ba2//BB-) at par to yield 9½%, a market source said.
Bank of America Merrill Lynch, Morgan Stanley and Santander were the bookrunners for the notes, which were talked at a yield in the 9½% area.
The issuer is permitted to defer interest payments on the notes at any time, subject to a dividend stopper. Deferred interest amounts will accumulate and will bear interest of 1% higher than the rate of the notes.
The notes also include a change-of-control put at 101% or a 500 basis points step-up if not called.
Proceeds will be used for general corporate purposes.
Energisa is an electricity generator based in Rio de Janeiro.
| Issuer: | Energisa SA
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Description: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley, Santander
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Change-of-control put: | At 101% or 500 bps step-up if not called
|
| Trade date: | Jan. 20
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB-
|
| Price talk: | 9½% area
|
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