Brazilian Utility Cinches Local Bonds

Brazilian regulators have approved a BRL300m debenture issue for Light, according to the CVM. The Rio de Janeiro utility’s 2011 bonds pay 115% of the DI interbank rate. Banco Votorantim is managing the sale, rated Aa2/A+ on a national scale. Light, controlled by a consortium led by Cemig, plans to use proceeds to fund working capital and refinance about BRL100m in debt.