Brazilian telco Telemar Norte Leste, operating as Oi, has suspended its bond issue.
The telco has planned to issue BRL2.25bn (US$1.2bn) worth of non-convertible debentures for 60 days, but the company earlier this week announced the sale has been…
Brazilian telco Telemar Norte Leste, operating as Oi, has suspended its bond issue.
The telco has planned to issue BRL2.25bn (US$1.2bn) worth of non-convertible debentures for 60 days, but the company earlier this week announced the sale has been suspended.
The reason for the cancellation is the telco’s need to provide more details of its acquisition of Brazilian operator Brasil Telecom to its investors. Oi snapped up Brasil Telecom in 2009 for approximately BRL10bn, and legal actions for the acquisition have become significantly higher than initially expected.
