Renova Readies Local Debt

Brazil’s Renova Energia is preparing a BRL300m ($149m) debenture sale in the domestic market, it says. The issuance may be divided in up to nine tranches, ranging from 2-10 year maturities, and pay up to 123.45% of the DI. Proceeds are marked for the generator’s investment plan and for general corporate purposes. Banco do Brasil is managing the sale, done under the rule 476 restricted format. The sale was initially contemplated in June, to go along with a BRL315m equity investment from BNDES.