Oi confirms funds almost in place to complete BrT purchase

28 Nov 2008

Brazilian telecoms group Oi Participacoes (Telemar) said yesterday that it will soon have enough funds in place to complete its takeover of fellow operator Brasil Telecom (BrT), following its planned issuance of BRL2 billion (USD877.6 million) in promissory notes. Bnamericas writes that the issuance of 80 promissory notes priced at BRL25 million each will be coordinated by Bradesco BBI, Itau BBA and Santander. Once in place, Oi will have raised the necessary BRL10 billion for the planned acquisition of BrT – equivalent to around 80% of the total BRL13 billion deal. The remainder will be paid for from internal resources says Jose Luis Salazar, director of finance and investor relations at Oi.

Brazil, Brasil Telecom (BrT), Oi