May 9, 2018 / 10:41 PM / 6 months ago

Neoenergia board oks 5.5 bln real debt issue tied to Eletropaulo

RIO DE JANEIRO, May 9 (Reuters) - Neoenergia SA, Brazil’s largest utility by number of customers, said on Wednesday that its board has approved the issue of up to 5.5 billion reais ($1.53 billion) in bonds related to its bid to acquire Eletropaulo Metropolitana SA.

Neoenergia, controlled by Spain’s Iberdrola, has sought arbitration after power distribution company Eletropaulo backed out of a deal for Neonergia to buy it, following a competing offer by Italy’s Enel.

$1 = 3.5931 reais Reporting by Alexandra Alper; Editing by Christian Plumb

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