Elektro Wraps up Debentures

Brazilian utility Elektro has finalized the sale of up to BRL650m ($320m) in domestic bonds, according to Anbima. A 2017 tranche pays the DI+0.74%, coming inside of a 0.78% ceiling, and amortizes in two equal installments during the final two years. A 2019 inflation-linked series pays 5.1%, inside a 5.7% ceiling, and amortizes in two equal installments during the final two years. A third 2022 inflation-linked tranche pays up to 5.5%, inside of a 6.0% ceiling and amortizes in three equal installments during the final three years. The unit of Spain’s Iberdrola plans to use proceeds for repaying debt. Banco do Brasil and HSBC managed the sale, done under the rule 476 restricted format.