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CPFL Energia contracts US$40mn IFC loan

Bnamericas
Brazilian power company CPFL Energia obtained US$40mn a seven-year loan from the International Finance Corporation (IFC), the company said in a statement. The power company will pay rates of 5.25% over Libor for the loan, which has a two-year grace period that started in June 2003, the statement said. According to IFC information, the convertible loan was approved in May 2003 and will assist the company in the completion of its corporate restructuring process, implementation of new corporate governance policies and preparation for an IPO on the Brazilian Novo Mercado and the NYSE.

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