Brazilian Distributor Plots Rollover

Brazil’s Coelce is preparing a BRL245m debenture sale to refinance promissory notes sold in May. The issue will be split into series maturing in 2011 and 2014, and Coelce has not indicated what rate it will pay. The Brazilian electricity distributor will use proceeds for the early repayment of BRL245m in 1-year notes paying DI plus 1.6%. The new transaction is rated AA on a national scale. Coelce is a unit of Spain’s Endesa.