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Companhia Energética de Minas Gerais in talks with banks to refinance outstanding debt

 

 

 

By Reuters Staff

SAO PAULO
Petroleumworld 10 12 2017

Brazilian state-controlled electricity company Companhia Energética de Minas Gerais SA said on Wednesday in a securities filing it is in talks with banks to refinance part of its outstanding debt, but so far no agreement has been reached.

Cemig, as the company is known, has net debt of 12.5 billion reais ($3.95 billion), with around 4 billion reais maturing this year. The company has a divestiture program in place to raise cash to reduce the debt burden.

$1 = 3.1659 reais

Reporting by Marcelo Teixeira and Luciano Costa; Editing by Chizu Nomiyama from Reuters.

reuters.com 10 11 2017

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