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Brazil's Cemig will use asset sales to repay bank debt
July 10, 2017 / 1:21 PM / 2 months ago

Brazil's Cemig will use asset sales to repay bank debt

SAO PAULO, July 10 (Reuters) - Cia Energética de Minas Gerais SA, Brazil’s No. 3 power utility, will mostly use proceeds from planned asset sales to repay about 5 billion reais ($1.5 billion) worth of loan debt maturing this year, Chief Financial Officer Adezio Lima said on Monday.

Cemig, as the utility is known, has decided to fully exit Light SA, Lima said. The process to conclude the sale of Cemig’s stake in Renova Energia SA could take up to 60 days, he noted in a conference call with investors.

$1 = 3.2702 reais Reporting by Guillermo Parra-Bernal and Luciano Costa

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