TNL (Oi) secures approval for USD1.3bn debt

Brazilian telecoms group Telemar Norte Leste (Oi) has reportedly received regulatory approval for USD1.3 billion in debentures from the country’s financial watchdog the Brazilian Securities Commission. Under the plan Oi will sell nonconvertible debentures worth around USD1.3 billion in two tranches – one worth USD1.01 billion (due on 15 April 2014) and the other with USD287 million, which will mature on 15 April 2020.