By Reshmi Basu
New York, Feb. 22 - Brazil's Companhia Energetica de Sao Paulo (CESP) sold an upsized $300 million offering of five-year notes (B3) at 99.0406 with a 10% coupon to yield 10¼%, according to a market source.
The deal, increased from $200 million, priced at the tight end of revised price guidance. Guidance was set at 10¼% to 10 3/8% from the 10½% area.
Banco Finantia and Standard Bank were joint bookrunners for the Rule 144A and Regulation S notes.
The notes will be priced off of the company's $800 million medium-term note program.
CESP is the largest energy producer in the state of Sao Paulo and the second largest in Brazil, accounting for 9.4% of the country's total energy production.
| Issuer: | Companhia Energetica de Sao Paulo (CESP)
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | March 2, 2011
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| Coupon: | 10%
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| Issue price: | 99.0406
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| Yield: | 10¼%
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| Pricing date: | Feb. 22
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| Settlement date: | March 2
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| Joint lead managers: | Standard Bank plc, Banco Finantia
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| Rating: | Moody's: B3
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| Revised price guidance: | 10¼% to 10 3/8%
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