Enersis is offering 6.5m shares in the form of ADS, it says, as a part of the preferential subscription period launched Monday for its equity CLP2.84trn ($6.02bn) follow-on. Shares will be offered at $19.19 per ADS, the equivalent of a CLP8,650 per ADS price plus a premium to cover fx changes. The offer runs through March 21, closing ahead of the March 26 domestic closing date. JPMorgan, BTG Pactual and Bank of America Merrill Lynch are global coordinators on the ADS sale, with Banchile, BBVA, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Larrain Vial, Morgan Stanley and Santander as bookrunners. In total, the holding vehicle for certain LatAm electricity sector units of Spain’s Endesa is offering up to 16.44bn shares at CLP173 each. JPMorgan, Celfin, BBVA, Santander, Larrain Vial, Banchile and BAML are managing the local side. The controversial sale was approved in December, after months of back and forth with regulators and minority investors. Endesa plans to subscribe its portion of the transaction with its LatAm assets that don’t already belong to Enersis, and needed negotiations with Chilean pension funds and multiple outside evaluations to reach agreement on the assets’ value. The process will raise funds for acquisition opportunities and streamline Endesa’s operations in LatAm by placing all of its holdings under Enersis. Enersis shares closed at CLP177.49 Tuesday.
Category: Equity
Banco de Chile FO Reaches $465m
Banco de Chile has concluded the preferential subscription period of its CLP250bn ($528m) equity capital raise, with an 87% of the shares subscribed, it says. So far, 3.43bn of 3.94bn shares have been subscribed, raising CLP220bn, and the remaining 13% will be sold through a public auction. The price was set in November at CLP64.00 per share. The bank is raising funds for growth. Banco de Chile shares closed Monday at CLP77.84.
CCX Sticks with Delist Price
Brazil’s CCX has reaffirmed the BRL4.31 ($2.19) per share buyback price for offer targeting the float of the CCX Colombia coal unit, it says, despite the price being just above an outside evaluation. An independent examination by Brasil Plural has indicated a BRL3.83-BRL4.24 range. The timing remains to be set, with the Eike Batista company submitting for regulatory approval. Shares closed Monday at BRL3.93 each.
Enersis Offer Moves Ahead
Chile’s Enersis has opened the preferential subscription period for its equity capital increase, it says, the first phase of a process targeting a total of CLP2.84trn ($6.02bn). It has also started meeting investors on a US, European and LatAm roadshow. The holding vehicle for certain LatAm electricity sector units of Spain’s Endesa is offering 16.44bn shares at CLP173 each. The process is to eventually include the sale of ADRs in the US. During the preferential period, existing shareholders may buy 0.5 new shares per share already held, through March 26. JPMorgan, Celfin, BBVA, Santander, Larrain Vial, Banchile and Bank of America Merrill Lynch are managing. The controversial sale was approved in December, after months of back and forth with regulators and minority investors. Endesa plans to subscribe its portion of the transaction with its LatAm assets that don’t already belong to Enersis, and needed negotiations with Chilean pension funds and multiple outside evaluations to reach agreement on the assets’ value. The process will raise funds for acquisition opportunities and streamline Endesa’s operations in LatAm by placing all of its holdings under Enersis. Enersis shares closed at CLP179.78 Monday.
Multiplan Timing Emerges
Brazil’s Multiplan is to begin investor meetings March 15 ahead of an equity follow-on targeting more than BRL550m ($279m), with pricing scheduled for April 4. To raise funds for growth, the mall operator is planning on selling 10.4m shares, assuming a 15% greenshoe, according to regulatory documents. This would indicate a BRL582m deal based on Monday’s BRL55.96 closing price. A 20% hot issue would also be possible. Bank of America Merrill Lynch, Bradesco, BTG Pactual, Credit Suisse and Itau are managing. Multiplan’s last widely-marketed visit to the ECM was in 2009, raising BRL670m, which it followed with a BRL122m accelerated bookbuild in 2010.
Sempra Energy to Float Mexican Unit
Sempra Mexico is planning to IPO, it says, in what would be the country’s first public equity offering in the energy sector. The size remains to be determined, but the carve-out sale should represent 15%-20% of its capital. Pricing has tentatively been scheduled for March 21, according to a prospectus. Citi, Credit Suisse and Deutsche Bank are managing the local and international portions, joined by BBVA Bancomer on the domestic tranche. The unit of US-based Sempra Energy specializing in gas transportation and distribution and electric generation is seeking funds for general corporate purposes, investments and expansion. The issuer raised MXP5.2bn ($412m) in 2018 and 2023 domestic bonds February 13, the first Mexican local bond deal by a non-government energy sector entity. In October, Sempra Mexico won a 25-year contract to build and operate a pair of gas pipelines in the state of Sonora, which should require a $1bn investment. Sempra operates five gas pipelines and a regasification terminal in Mexico, and derives about 60% of its revenues from CFE contracts.
Biosev Changes up Banks for Second IPO Attempt
Biosev has hired BTG Pactual, Banco do Brasil, Bradesco and JPMorgan to manage its next attempt at an IPO, according to a prospectus. The lineup keeps BdB, Bradesco and JPMorgan from last year’s try, while adding BTG and removing Banco Votorantim, Itau and Santander. The Brazilian sugar, ethanol and bioenergy unit of Louis Dreyfus Commodities still does not indicate size or timing. Biosev pulled a first attempt at a deal last year in July, after it was unable to get demand within its price range. It was targeting about $350m-$400m-equivalent.
Tupy Eyes April FO
Brazil’s Tupy is targeting an April pricing for its equity follow-on, according to a regulatory filing, following a roadshow that it expects to begin in March. The iron parts manufacturer plans to offer primary shares, as well as secondary shares offered by BNDES and the Previ and Telos pension funds. A size has not been indicated. Banco do Brasil, BTG Pactual, Citi and Itau are managing the sale.
MMX Adds to Rights Offer
MMX Mineracao e Metalicos has closed the latest stage of a rights offering, the Eike Batista-controlled miner says. It raised BRL181m ($92m) through the sale of 46m shares at BRL3.92 each. This follows the BRL774m raised in a previous round closed last month. Shares closed Wednesday at BRL3.16 each. Batista bought 31m shares in October, taking his position in the company to 46.4%.
Prudential Joins Fibra Pack
Prudential Real Estate Investors has added its name to those seeking a Fibra Mexican real estate trust, according to regulatory documents. The trust, to be known as Terra, will initially contain 132 industrial properties and 14 properties in development. The size of the transaction has not been determined. The issuer is targeting the week of March 19 for pricing. Proceeds would provide funds to repay debt and for working capital. Citi and HSBC are managing.