Telemar Participacoes (TmarPart), a holding company in the Brazilian telecoms group Oi, is planning to issue R$500m (US$292m) in seven-year debentures.
Shareholders approved the issue of the debt in a meeting yesterday.
The debentures will mature in…
Telemar Participacoes (TmarPart), a holding company in the Brazilian telecoms group Oi, is planning to issue R$500m (US$292m) in seven-year debentures.
Shareholders approved the issue of the debt in a meeting yesterday.
The debentures will mature in October 2018. They are not convertible into shares.
The arranging bank is Banco do Brasil.
Moody’s rated the debentures at Baa3 on its global scale and Aa1.br on its Brazilian scale.
In its analysis, Moody’s stated: “The proposed new issuance is part of TmarPart’s liablility management to improve its debt maturity profile, and will not affect its leverage metrics since the majority of the net proceeds will be used to pay off maturing debt.”
