CESP Sells $350 Million Bonds

State-run power company Companhia Energética de São Paulo (CESP) said it has successfully sold $350 million worth (750 million reais) of IPCA-linked bonds due 2015 to prepay outstanding debt due 2008 and 2011. The notes, which were sold to investors under Reg S and 144A rules, carry an annual coupon of 9.75%. The issuance is part of a larger medium-term note (MTN) program of up to $975 million. Moody’s Investors Service has assigned the notes a Ba3 foreign currency rating.