ETB plans USD300 million bond issue

Colombian fixed line telco Empresa de Telecomunicaciones de Bogota (ETB) has announced plans to sell USD300 million in overseas bonds in January. ‘We were planning the sale in 2007, but the troubles in the US sub-prime market triggered a general panic in capital markets,’ a spokesperson for the company said. ‘Things now appear to have calmed down. The Fed has cut rates, which is good for us, because rates may be lower,’ he added. ETB will use the proceeds from the bonds to finance part of its $510 million pension liabilities. Merrill Lynch and Deutsche Bank (DB) will handle the bond sale.