Brazilian water company Companhia de Saneamento Basico do Estado de Sao Paulo (Sabesp) looks to issue a R$263 million ($120.1 million) receivable investment fund (FIDC) shortly before Carnaval, which this year falls on Feb. 28, according to a source close to the deal.

Banco Votorantim, Caixa Economica Federal and Banco do Brasil are committed to purchasing unsold shares.

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