BNDES Converts MPX Bonds

BNDESPar has raised its stake in MPX Energia to 11.7% from 2.6% through the conversion of debentures, MPX says. The investment arm of BNDES converted 10.7m debentures into shares, giving it a 19.9m-share total stake. BNDESPar bought BRL600m ($297m) in the converts last year as part of a BRL1.37bn sale, in which Gavea Investimentos, controller Eike Batista and minority holders also bought in. The 3-year bonds pay the ICPA inflation rate plus 4.00%, and would be convertible at any time until maturity at BRL43.00 per share, meaning a BRL460m operation Thursday. The shares closed Thursday at BRL34.65.