Cia Energ�tica de Minas Gerais SA, Brazil's third largest electricity company, approved a plan by a subsidiary to sell up to 1.7 billion reais ($548 million) in promissory notes to repay debt and purchase electricity in power markets. The company, which is known as Cemig, will sell the debt in a so-called restricted effort placement, according to a securities filing dated March 4 that was published on Tuesday. The unit that will issue the debt is known as Cemig D, the filing added.Cemig D agreed to pay borrowing costs equivalent to 111.7 percent of the benchmark CDI interbank interest rate, or about 14.1 percent. The CDI is currently at 12.60 percent.Public offerings with restricted efforts differ from standard debt offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM, only qualified investors can participate, and the deals cannot be marketed through road shows or the media.Cemig hired the investment-banking unit of Banco do Brasil SA to manage the transaction, the filing said. Banco Bradesco SA, Ita� Unibanco Holding SA, Caixa Econ�mica Federal and HSBC Holdings Plc will work on the deal as joint bookrunners.
Banco Bradesco S/A (the Bank) is a Brazil-based bank. Shares of BBD fell by 2.26% or $-0.25/share to $10.79. In the past year, the shares have traded as low as $10.78 and as high as $18.67. On average, 8677010 shares of BBD exchange hands on a given day and today's volume is recorded at 21791568.
Shares of BBDO fell by 3.07% or $-0.35/share to $11.05. In the past year, the shares have traded as low as $11.05 and as high as $18.25. On average, 1413 shares of BBDO exchange hands on a given day and today's volume is recorded at 5121.
HSBC Holdings plc (HSBC) is a global banking and financial services organizations. Shares of HSBC fell by 1.4% or $-0.6/share to $42.35. In the past year, the shares have traded as low as $42.27 and as high as $54.42. On average, 2098020 shares of HSBC exchange hands on a given day and today's volume is recorded at 2651950.
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