SEC Filing Summary: Companhia de Saneamento Básico do Estado de São Paulo - SABESP
Business Context and Reporting Period
This Form 6-K filing, dated September 23, 2004, reports on an extraordinary meeting of the Board of Directors held on September 13, 2004. SABESP, a basic sanitation company in the State of São Paulo, Brazil, convened to approve the terms of its 6th issue of simple, non-convertible, unsecured debentures.
Key Financial Metrics and Debt Issuance
The filing details the structure of a new debt issuance totaling approximately R$ 600 million. The document does not provide revenue, profit, cash flow, or margin data for the period.
| Series | Quantity (Debentures) | Face Value (R$) | Interest/Remuneration Terms |
|---|---|---|---|
| 1st Series | 231,813 | 231,813,000.00 | DI Rate (Daily Interbank Deposits) + 1.75% p.a. spread |
| 2nd Series | 188,267 | 188,267,000.00 | IGPM (General Market Price Index) update + 11.00% p.a. fixed interest |
| 3rd Series | 179,920 | 179,920,000.00 | IGPM update + 11.00% p.a. fixed interest |
Material Changes and Obligations
The Board ratified specific financial covenants previously approved on August 26, 2004. Failure to maintain these financial indexes will trigger an early maturity of the debt. Additionally, the Company is obligated not to make any material alterations to the nature of its business while these debentures are outstanding.
Guidance, Risks, and Forward-Looking Statements
The filing includes a standard disclaimer regarding forward-looking statements. Management notes that statements regarding future operations, capital expenditure plans, and financial results are based on current estimates and are subject to risks including general economic conditions, industry trends, and operating factors. There is no guarantee that expected results will occur.
Key Facts for Investor Verification
- Total face value of the 6th Debenture Issue is R$ 600,000,000.00 (sum of three series).
- Interest rates are split between floating rates tied to the DI index and fixed rates of 11.00% p.a. tied to the IGPM index.
- Strict financial covenants are in place; breach of these indexes results in immediate debt maturity.
- The filing contains no operational financial results (revenue, EBITDA, net income) for the period ending September 30, 2004.