TIM Brasil confirms BNDES funding of USD1bn

6 Dec 2012

Dow Jones Newswires reports that Brazilian operator TIM Participacoes (TIM Brasil) has secured an additional BRL2.16 billion (USD1 billion) in fresh funding from Brazil’s development bank, Banco Nacional de Desenvolvimento Economico e Social, or BNDES. The latest increase brings the Brazilian firm’s total credit line with the bank to BRL3.97 billion, although it has not disclosed how it will use the new monies.

TIM Brasil invested BRL2.37 billion in its networks and services in the first nine months of this year, up 26% when compared to the corresponding period in 2011. Going forward, TIM Brasil has indicated CAPEX of BRL9.5 billion in the country through to 2014.

Brazil, TIM Participacoes (TIM Brasil)