Copying and distributing are prohibited without permission of the publisher
Telemar Norte Leste raises $1bn in bonds
10 September 2010
The owner of Oi in Brazil, Telemar Norte Leste, has increased a bond sale from $750m to $1bn because of demand
Read more:
Oi
Brazil
Telemar Norte Leste
Bank of America Merrill Lynch
BNP Paribas
BTG Pactual
Itau Unibanco
Brazilian telecom holding company, Telemar Norte Leste, has raised $1 billion in a sale of 10-year bonds. The sale is part of an exchange offer of its outstanding 9.50% senior notes, which are to mature in 2019.
The new notes, which carry a coupon rate of 5.5%, are due to mature on October 23 2020. The size of the deal was increased from an earlier $750 million, due to a strong demand from buyers.
The company, which operates under the Oi brand, is seeking to use the proceeds from the offering for the repayment of existing debt and for general corporate purposes. The leading managers for the sale were Bank of America Merrill Lynch, BNP Paribas, BTG Pactual and Itau Unibanco. GTB