Sabesp Board Green Lights Refi

Sabesp’s board has approved a BRL900m short term bond issue to pay down an earlier BRL600m issue and other debt, the Brazilian water utility says. The new promissory notes will have a 180-day tenor. Banco Bradesco is managing the sale, for which a date has not been set. Sabesp’s investment plan calls for spending $8.6bn through 2013.