Brazil's Sabesp to issue up to R$1 billion non-convertible debentures

By Marisa Wong

Madison, Wis., Nov. 14 - Sabesp said its board of directors approved at a meeting held on Tuesday the issuance of up to R$1 billion of non-convertible debentures.

The company will issue up to three series of the debentures through a public offering. This will be the company's 17th issuance of unsecured non-convertible debentures.

The size of the issuance and the amount to be allocated for each series will be determined through a bookbuilding process.

The offering will be conducted by a syndicate of financial institutions led by BB Banco de Investimento SA and with Banco Bradesco BBI SA acting as joint bookrunner.

Proceeds will be used to pay financial obligations in 2013, including the early redemption of debentures.

Sabesp is a Brazilian state-owned utility that provides water and sewage services and is based in Sao Paulo.

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