CPFL Energia Issues Shares

Global Finance, Nov 2004

São Paulo-based CPFL Energia, the largest privately owned power company in Brazil, raised $285 million through a global offering of common shares.

Of the total of 39.5 million new voting shares issued, 60% were placed outside of the country in the form of American depositary shares.

CPFL Energia selected Bank of New York as depositary. Each ADR represents three common shares. The ADRs trade on the New York Stock Exchange and the common shares trade on the Novo Mercado division of Bovespa in Brazil.

CPFL Energia generates and distributes electricity to more than 5 million customers through its interests in various utilities in the states of S o Paulo and Rio Grande do SuI.

The company also owns hydroelectric power plants and has a unit that trades wholesale power.