Telemar Norte Leste, the holding company of Brazilian telco Oi, successfully raised US$1bn in dollar-denominated senior unsecured notes maturing in 2020 after September 6.
The company had originally approached the markets with a US$750m programme;…
Telemar Norte Leste, the holding company of Brazilian telco Oi, successfully raised US$1bn in dollar-denominated senior unsecured notes maturing in 2020 after September 6.
The company had originally approached the markets with a US$750m programme; however interest in the issue was so high that Telemar decided to increase its original tender by US$250,000.
The bond has a yield of 5.5% and according to various news sources the banks involved in the operation – Bank of America, Merrill Lynch, BNP Paribas, BTG Pactual and Itau Unibanco – reportedly received nearly US$5bn in orders.
Rating agencies Standard & Poor’s and Fitch assigned a BBB- rating to the issue, while Moody’s rated the issue Baa2.
Spokespersons from Telemar and the syndicated agents declined to comment further.
