TNL looking to raise USD900m to refinance debt

Brazilian telecommunications holding company, Tele Norte Leste Participacoes (TNL), is planning to sell notes worth USD900 million, the Wall Street Journal reports. It is understood the firm, which offers a range of integrated fixed line and mobile telecoms services through its Telemar (Oi) division, will use the net proceeds of the sale to refinance short-term debt. TNL will pay an annualised interest rate of 0.45 of a percentage point over the local interbank variable rate. The notes will mature in three months.