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Oi gets approval for $1.3bn debt
30 April 2010
Telemar Norte Leste — Oi — has received approval for $1.3bn in debentures from Brazil’s financial regulator
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Oi
Telemar Norte Leste
Brazil
Banco Santander
BTG Pactual
Brazilian telecom holding company Telemar Norte Leste — which uses the brand Oi — has secured approval from the Brazilian Securities Commission to sell nonconvertible debentures of around $1.3 billion, according to reports. The debentures will be issued in two series.
The first tranche of $1.01 billion is due on April 15, 2014. The company is paying an annual interest rate of 1.2% points over the variation of the interbank rate.
The second series, totalling $287 million, will mature April 15, 2020. The company will pay an annual interest rate of 7.9% points over the variation of the official inflation index.
The operation is being coordinated by Banco Santander and BTG Pactual. GTB