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Copel takes new step towards privatization

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Vincent

In the final stage of its privatization, Copel (Companhia Paranaense de Energia) is expected to launch this Wednesday a secondary offering aimed at privatizing the Paraná-based state-run power utility, Valor found. The operation will be guaranteed by anchor investors, including foreigners, sources say.This is the country’s largest privatization since Eletrobras last year, which was carried out through a capital injection that ended up diluting the federal government’s stake. The pricing of the offering is expected to take place on August 8.The process still involves risks, since the company lacks the approval by the public spending watchdog TCU for the body to give its opinion on the amount of R$3.71 billion defined by the ministries of Mines and Energy and Finance for the granting of the Salto Caxias, Segredo, and Foz do Areia plants. These assets have a combined installed capacity of 4,176 megawatts. The agency’s approval is expected by August 2, when TCU’s deadline expires.The offering will be secondary, meaning that the state of Paraná will sell part of its stake, thus losing control. The announcement of the government of Paraná’s plan to transform Copel into a company without a controlling shareholder was made in the context of raising funds to finance an investment package.A first tranche is also planned, which will result in a capital injection, and will also be used to pay the federal government a fixed amount for the renewal of the concessions. The offering is expected to raise R$5 billion. The market sentiment is changing with the expectation of an interest rate cut, which helps in accessing funds.After Valor reported on the matter, the company released a notice of material fact confirming that the offering will be primary and secondary and will raise between R$ 4.3 billion and R$ 5 billion, considering the price of Copel’s common shares on Monday.The coordinators of the offer are BTG Pactual, Itaú BBA, Bradesco BBI, UBS BB and Morgan Stanley. The state of Paraná intends to dilute its stake to 10% of common shares (today it holds 69.7%) and to 15% of the total...

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