July 12, 2019 / 1:00 AM / 4 months ago

UPDATE 2-Brazil power firm Light confirms price offering at 18.75 reais per share

(Adds confirmation, comment from companies)

By Carolina Mandl

SAO PAULO, July 11 (Reuters) - Brazilian power company Light SA priced its shares at 18.75 reais ($4.99) per share in a primary and secondary offering that raised 2.5 billion reais ($665.57 million), the company said in a securities filing on Friday.

The offering will increase Light’s capital stock to 4.1 billion reais ($1.1 billion), and the company will use proceeds from the sale to reduce debt, it said.

Light will issue and sell 100 million new shares in the offering, it confirmed. In a separate filing on Friday, shareholder Companhia Energetica de Minas Gerais, known as Cemig, said it will offload 33.3 million shares in Light, a partial sale of its stake.

“The net proceeds from the Primary Offering will go towards strengthening and optimizing the company’s capital structure, thereby reducing debt levels and improving cash flow,” Light said in the filing.

The two statements on Friday confirmed a Reuters story the previous day. Earlier this month, Reuters reported that Light was preparing a share offering.

The operation is expected to be completed by July 16, Light said.

The investment banking units of Itau Unibanco Holding SA , Banco Santander Brasil SA, Citigroup Inc , Banco BTG Pactual SA, XP Investimentos SA, Banco Bradesco SA and Banco do Brasil SA managed the offering.

$1 = 3.7562 reais Reporting by Carolina Mandl and Jamie McGeever; Editing by Sandra Maler and Bernadette Baum

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