Brazilian operator Oi has postponed an R$800m (US$354m) to R$1bn (US$442m) bond offering.
In a notice to the market Oi said it had to “adjust the offering schedule in order to align it with current market conditions”.
The offering of the unsecured…
Brazilian operator Oi has postponed an R$800m (US$354m) to R$1bn (US$442m) bond offering.
In a notice to the market Oi said it had to “adjust the offering schedule in order to align it with current market conditions”.
The offering of the unsecured debentures was launched at the start of June and Oi planned to use the proceeds to refinance debt for capital expenditure.
BTG Pactual was lead coordinator on the proposed offering, and BB Investimentos, HSBC, Santander, Banco Bradesco and Itau BBA were also coordinators.
Oi is yet to reschedule the issuance and has said it will refund investors which had already put down cash for the notes within three days.
Oi is the incumbent fixed-line and wireless operator in Brazil. It recently appointed Zeinal Bava as its CEO who joined from one of its leading shareholders, Portugal Telecom. A merger between the two companies has been speculated about in the press but Oi said in late June that it was not in negotiations with PT regarding a merger.
