Enersis Raises $625m from ADS

Enersis has raised $625m from the sale of American Depositary Shares (ADS), it says, as of the close of the ADS subscription portion of its $6bn equity follow-on. The Chilean holdco for LatAm assets of Spain’s Endesa sold 33.5m ADS, equal to 1.68bn shares. The domestic portion runs through Tuesday. In total, Enersis is offering up to 16.44bn shares at CLP173 each, targeting CLP2.84trn ($6.02bn). JPMorgan, BTG Pactual and Bank of America Merrill Lynch are global coordinators on the ADS sale, with Banchile, BBVA, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Larrain Vial, Morgan Stanley and Santander as bookrunners. JPMorgan, Celfin, BBVA, Santander, Larrain Vial, Banchile and BAML are managing the local side. The controversial sale was approved in December, after months of back and forth with regulators and minority investors. Endesa plans to subscribe its portion of the transaction with its LatAm assets that don’t already belong to Enersis, and needed negotiations with Chilean pension funds and multiple outside evaluations to reach agreement on the assets’ value. The process will raise funds for acquisition opportunities and streamline Endesa’s operations in LatAm by placing all of its holdings under Enersis. Enersis shares closed at CLP184.37 Friday.