By William Gullotti
Buffalo, N.Y., July 6 – Light Servicos de Eletricidade SA and Light Energia SA sold $600 million of 4 3/8% notes due June 18, 2026 (Ba3//BB-), according to a Singapore Exchange notice and a company announcement.
Light Servicos was listed as issuer on $200 million of the issuer and Light Energia was the issuer on $400 million of the notes.
The issuers are subsidiaries of Light SA.
Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., Santander Investment Securities Inc., Morgan Stanley & Co. LLC, Banco Bradesco BBI SA, XP Investimentos Corretora de Cambio, Titulos e Valores Mobiliarios SA and UBS Securities LLC are the joint lead managers and joint bookrunners for the notes.
The listing for the Rule 144A and Regulation S notes is expected to become effective July 7.
Proceeds were expected to be used to repay debt, including the redemption of the existing notes due 2023 with the remainder, if any, to be used for general corporate purposes.
The company is the third-largest distributor of electricity in Brazil.
| Issuers: | Light Servicos de Eletricidade SA and Light Energia SA
|
| Issue: | Notes
|
| Amount: | $600 million
|
| Maturity: | June 18, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., Santander Investment Securities Inc., Morgan Stanley & Co. LLC, Banco Bradesco BBI SA, XP Investimentos Corretora de Cambio, Titulos e Valores Mobiliarios SA and UBS Securities LLC
|
| Coupon: | 4 3/8%
|
| Issue date: | June 18
|
| Listing date: | July 7
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Issuer: | Light Servicos de Eletricidade SA
|
| Amount: | $200 million
|
|
|
| Issuer: | Light Energia SA
|
| Amount: | $400 million
|
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