Telemar restructures debt

18 Aug 2005

According to local paper Valor Economico, Brazilian telco Telemar has restructured its USD540 million debt for the second time, achieving a USD24 million reduction in interest payments. The operator has now secured interest rates of between 0.5% and 1.625% above Libor; the previous rates were between 2.25% and 4.5% above Libor. The debt was acquired through a 2001 loan, which was part of USD1.43 billion borrowed to finance the installation of a mobile network for Telemar’s cellular unit Oi.

Brazil, Oi