Deals

China’s State Grid Said to Seek Proposals for $9 Billion Loan

  • Borrowing is in connection to its purchase of a stake in CPFL
  • The development comes after Brazil’s regulator approved deal
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State Grid Corp. of China, the world’s largest utility, has asked lenders to submit proposals for a loan of about $9 billion to help finance its purchase of a stake in Brazil’s CPFL Energia SA, people familiar with the matter said.

The facility includes dollar- and euro-denominated portions in one-, two- and three-year tranches, according to the people, who asked not to be identified because the details are private. The Chinese firm boughtBloomberg Terminal a stake in Brazilian power distributor CPFL for 5.9 billion reais ($1.85 billion) to extend its reach in Latin America’s largest economy, according to a statement on its website last month.