TIM Brasil has approval to issue R$4.25 billion of 2.3% debentures

Chicago, July 14 – TIM Brasil Servicos e Participaçoes SA has approval to issue a single series of debentures for R$4.25 billion to professional investors, according to a 6-K filing with the Securities and Exchange Commission.

The TIM, SA-guaranteed debentures will have a five-year term.

Interest will be at the DI rates plus 230 basis points.

Proceeds will be used to pay dividends to TIM’s parent companies, as part of Telecom Italia’s group refinancing activities.

The mobile provider and fixed telephone service provider is based in Rio de Janeiro.

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