Sabesp Closes Debentures

Brazil’s Sabesp has completed a BRL220m issue of non-convertible debentures. A BRL100m 2013 tranche paying the DI rate plus % was acquired by 13 investors. The second BRL220m 2015 tranche pays 12.87%, and was bought by 12 accounts. Pension funds, investment funds and brokers were among the buyers. Proceeds from the sale will pay down some BRL300m in maturities approaching in March. HSBC led the deal rated A+ on a national scale, with Citi, Caixa Economica Federal and Banco do Brasil as co-managers.