ERSA Advances BDR Listing

Brazil’s Empresa de Investimento em Energias Renovaveis (ERSA) has unveiled further information about its upcoming offering of BDRs on the Bovespa. The company plans to issue units made up of one common and two preferred shares. It has not disclosed size of the offering through Bradesco BBI locally, with Credit Suisse as a co-lead and handling the international portion. In the prospectus the company acknowledges multiple relationships with Bradesco, including the fact that BBI FIP, an investment fund controlled by bank’s securities arm, is a holder of the company’s convertible debentures. Bradesco’s insurance arm is also the company’s main co-insurer. ERSA invests in renewable energy and its shareholders include Patria Investimentos with 35%, Eton Park with 33%, BBI with 7.3%, GMR Energy with 15% and DEG KFW Bankengruppe with 10%.