TNL places USD1bn, ten-year bonds

17 Sep 2010

Brazil’s largest telecommunications company by subscribers, Telemar Norte Leste (TNL), which brands its services under the banner Oi, yesterday finalised the successful placement of USD1 billion worth of ten-year overseas bonds, which come with a coupon rate of 5.5%. Dow Jones cites a TNL statement saying the company sold the bonds at 99.991% of face value. The money raised through the transaction, which was managed by Bank of America Merrill Lynch, BNP Paribas, BTG Pactual and Banco Itau, will be used to restructure the company’s debt profile.

Brazil, Oi