Brazilian holding company Telemar Norte Leste (TMAR) has completed its issue of a E750m seven-year bond on the Irish stock exchange.
The senior notes, which carry a coupon of 5.125%, were priced at 98.828 (plus any interest from 15 December 2010) and are…
Brazilian holding company Telemar Norte Leste (TMAR) has completed its issue of a E750m seven-year bond on the Irish stock exchange.
The senior notes, which carry a coupon of 5.125%, were priced at 98.828 (plus any interest from 15 December 2010) and are due in December 2017. Interest is to be paid annually.
Credit ratings agency Moody’s released its report on the bond on 9 December, assigning it a Baa2 rating.
Moody’s statement said that the proposed new issuance was part of TMAR’s liability 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”.
Telemar has already announced that it would pay off the US$200m of structured notes of Brasil Telecom due in 2014.
