Cedae Adds Debentures to Funding Plans

Companhia Estadual de Aguas e Esgotos (Cedae) plans to raise BRL150m ($74m) in Brazil’s domestic bond market, in addition to the IPO it is already in the process of preparing. The Rio de Janeiro state water utility’s 2017 debenture would pay DI+1.69%, according to regulatory documents. Proceeds are for working capital. Itau is leading the deal, to be done under the rule 476 restricted format. Separately, Cedae registered late last year for an IPO, through has yet to pull the trigger on a launch. Bank of America Merrill Lynch, Bradesco, BTG Pactual and Itau are managing that process, which would raise funds for expansion.