Brazil's CPFL Piratininga plugs into FIDC

January 26, 2004, 12:00 a.m. EST 1 Min Read

Brazilian power provider Companhia Piratininga de Forca e Luz (CPFL Piratininga) is the latest issuer to join the craze of receivables investment funds (FIDCs) in the country. The company will issue R$284 million (US$100 million) in senior shares backed by future trade receivables from residential, commercial and industrial clients. The final maturity is three months. Enhancement comes from overcollateralization and a subordinated piece equal to R$16 million (US$5.6 million), according to Fitch Atlantic Ratings, which gave the senior chunk AA-(bra)' on the national scale. Banco Votorantim structured the deal. CPFL Piratininga distributes power in the state of Sao Paulo.

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