Net nets USD200m loan for Big TV

23 Jun 2008

Brazil’s largest pay-TV operator by subscribers, Net Servicos, has agreed terms with Mexico’s Banco Inbursa concerning a USD200 million loan to help finance the acquisition of fellow cableco and broadband provider Big TV, BNamericas writes citing a Net Servicos filing with the Sao Paulo stock exchange Bovespa. Net will pay off the loan in three instalments to be completed by 2019 at an interest rate of 7.875% per annum. Some of the money will also be used to drive Net’s targets for organic growth in 2008. The deal to acquire Big TV was closed in December last year. The firm’s coverage extends to Guarulhos, Valinhos, Botucatu, Jau, Sertaozinho and Marília in Sao Paulo state, Ponta Grossa, Cascavel, Cianorte and Guarapuava in Parana state, Maceio in Alagoas state and Joao Pessoa in Paraiba state.