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Brazil’s Eletrobras preselects banks for follow-on share offering -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The power lines linking pylons for high-tension electricity were seen in the early morning near Brasilia (Brazil), August 29, 2018. REUTERS/Ueslei Marcelino/File Photo

SAO PAULO, Brazil (Reuters) – Eletrobras, the Brazilian state-owned power company, has selected Bank of America, BTG Pactual and Goldman Sachs (NYSE :), Itau BBA, and XP Investimentos to be lead managers of a follow up share offering. A securities filing was filed on Thursday.

This share offer is expected to reduce the state’s holding in Eletrobras by at least 45%. It is expected that the transaction will raise 50 billion Brazilian reais (or $8.86 million) by early 2022.

Centrais Eletricas Brasileiras SA as it is officially known said the hiring process was ongoing and that final approval is pending.

Friday’s announcement by the company stated that the bank bookrunners have been preselected for the share sale: Bradesco BBI and Caixa Econa Federal. Citi. Credit Suisse JP Morgan. Morgan Stanley Safra.

($1 = 5.6459 reais)

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