Brazilian telco Telemar Norte Leste (TMAR), a subsidiary of Oi, has invited its shareholders to attend a meeting on 15 March to discuss a potential bond offering of R$2.5bn (US$1.5bn).
In a note to investors on Monday, TMAR said that this would be a…
Brazilian telco Telemar Norte Leste (TMAR), a subsidiary of Oi, has invited its shareholders to attend a meeting on 15 March to discuss a potential bond offering of R$2.5bn (US$1.5bn).
In a note to investors on Monday, TMAR said that this would be a private placement of R$2.5bn of subordinate, unsecured debentures that would not be convertible into shares.
A Oi spokesman told TelecomFinance that no banks are involved in the transaction. He said that the objective of the debenture was only “cash management” between TMAR and Tele Norte Leste Participacoes, a wholly-owned subsidiary of TMAR.
