UPDATE 1-Brazil Eletrobras to raise $4 bln for hedging

* Eletrobras to raise $4 billion to hedge Itaipu costs

* Overdue dividends will come from company's own funds (Includes plans to raise funds, bullet points)

RIO DE JANEIRO Jan 22 (Reuters) - Brazil's state-run utility holding Eletrobras (ELET6.SA) (EBR.N) plans to raise $4 billion this year to hedge costs associated with the commercialization of energy from the giant Itaipu dam.

However, that money will not go to paying overdue dividends, company president Jose Antonio Muniz said on Friday.

Eletrobras will pay those dividends from its own funds, he said.

The company agreed earlier on Friday to pay 10.33 billion reais ($5.65 billion) in overdue dividends dating to the 1970s. [ID:nN22124445] ($1=1.828 reais) (Reporting by Denise Luna; Writing by Luciana Lopez)