TMAR launches US$10 billionn 10-year bond sale

摘要

Brazilian telecoms holding company Telemar Norte Leste (TMAR) launched a US$1 billion, 10-year bond sale, with traders suggesting that demand for the bonds outstripped supply by a ratio of 5:1. Last month the group revealed plans to raise BRL12 billion (US$6.82 billion) in equity funding through a capital increase of common and preferred shares. The transaction, which will be priced at BRL38.5462 per common share and BRL28.2634 per preferred share, will see TMAR and other TNL shareholders subscribing to the capital increase in proportion to their respective stakes in the company, it said. In addition, Portugal Telecom (PT) will subscribe the preemptive rights that were not exercised by other shareholders of TNL, preferably in common shares, in the amount equivalent of up to BRL2 billion.