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IPO Story
CPFL Energy Files Global IPO Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 24, 2004 CPFL Energy (proposed: CPL), a Brazilian utility holding concern, filed plans late Monday for a global offering of American Depositary Shares. Joint global book runners for the IPO, which intends on raising $250 million, include Merrill Lynch and Pactual Capital. In addition to the U.S. offering, the company and selling holders will also offer shares in Brazil through Brazilian investment bankers that uses a Portuguese-language prospectus. The company intends on using proceeds to primarily fund investments of about $120 million in its Foz do Chapeco and CERAN generation projects and to upgrade its small hydroelectric power plants. Remainder of the proceeds may be used for general corporate purposes, including future expansion projects and possible acquisitions, the company said. It will not receive any proceeds from the sale of shares and ADSs by holders. E-mail: jeffh@currentofferings.com. |
