EDB Raises BRL402m in Follow-On

Energias do Brasil (EDB) has raised BRL402m, after pricing follow-on at BRL28.50m. The Brazilian arm of Energias de Portugal sold 14.1m shares, and has given underwriters the option to sell 1.4m more to add BRL40m. EDB has marked roughly 60% of proceeds for debt repayment, with another 40% going to improving financial flexibility, according to the prospectus. Bradesco BBI and Citi managed the deal. The shares were offered at a 2.1% discount to Tuesday’s close of BRL29.10. EDB closed Wednesday at BRL31.38.