Power Distributor Closes Debenture

Companhia Energetica de Maranhao (Cemar) has completed the sale of BRL280m ($136m) in debentures in Brazil’s domestic market, according to Anbima. A BRL101.4m 2018 bond pays the DI+1.08%, and a BRL178.6m inflation-linked 2020 pays 5.9%. Each tranche amortizes in 3 parts coming in each of the final 3 years. The unit of Equatorial Energia is using proceeds to fund working capital and repay debt. Itau managed the sale, done under the rule 476 restricted format.