Brazilian operator Oi has completed its right issue connected to its merger with Portugal Telecom (PT) and said it has raised a total of R$13.96bn (US$6.22bn).
The company issued a total of 4.52 billion preferred shares and 2.26 billion common shares…
Brazilian operator Oi has completed its right issue connected to its merger with Portugal Telecom (PT) and said it has raised a total of R$13.96bn (US$6.22bn).
The company issued a total of 4.52 billion preferred shares and 2.26 billion common shares which generated R$8.25bn, and it received a further R$5.71bn in the form of assets contributed by PT.
As part of the share issue BTG Pactual, which was leading the offering and mandated as the stabilising agent, partial exercised its over-allotment option. The other banks on the deal have a green shoe option but are yet to trigger it.
BofA Merrill Lynch, Barclays, Citigroup,Credit Suisse, Espirito Santo, HSBC, Banco Bradesco, Banco do Brasil, Caixa GD, Goldman Sachs, Banco Itau, Morgan Stanley, and Santander are also working on the issue in Brazil and internationally.
The closing of the offering allows Oi and PT to seal their merger, which was announced last October. The tie-up is expected to complete in two to three months.
