Light Plans Local Bonds

Brazilian utility Light Servicos de Eletricidade has authorized the issuance of BRL250m-BRL300m debentures. The bonds will mature in June 2011 and the company is proposing to pay an annual 133% of DI. Light is offering BRL250m, with the option to add up to BRL50m during bookbuilding. Proceeds will fund early repayment of BRL100m in promissory notes and go towards working capital. Banco Votorantim is managing the sale.