Eletrobras Plans ADR Listing

Brazilian power utility Eletrobras has filed to list ADRs on NYSE. The company has two OTC-traded Level I ADRs, and plans to consolidate them under one NYSE ticker. The goal is to improve liquidity and boost the share price, as well as create an additional financing option for future investment programs, Eletrobras says. The company is also syndicating a $450m B-loan, part of a $600m CAF A/B financing. Citi, SocGen and BNP are leading the 7-year B loan, which carries a margin of Libor plus 150bp. Proceeds to the state-owned BBB minus rated credit are for capex.