Portugal EDP mandates securities issue backed by receivables
LISBON, March 12
LISBON, March 12 (Reuters) - Energias de Portugal plans to securitise tariff deficit receivables of up to 1.1 billion euros ($1.53 billion), the country's biggest listed company said on Wednesday.
The power utility will hold roadshow meetings with potential investors starting on March 17 in London, Paris, Munich and in the Netherlands, it said on Wednesday. EDP named StormHarbour Securities LLP, J.P. Morgan and Banco Santander Totta as joint lead managers.
The receivables result from a state-imposed price cap on electricity sold by the former Portuguese monopoly EDP, which last year sold around 1 billion euros worth of such notes.
The receivables result from Portugal's 2011-13 tariff deficit, the amount the state owes utilities to make up the difference between the cost of supplying energy to consumers and the amount they pay.
($1 = 0.7192 Euros) (Reporting By Andrei Khalip, editing by Louise Heavens)