Oi plans to make Feb. 5, 2019 interest payment on toggle notes in cash

By Caroline Salls

Pittsburgh, July 30 – Oi SA elected to pay interest on its 10%/12% senior PIK toggle notes due 2025 for the interest period of Feb. 5, 2018 through Feb. 4, 2019 entirely as cash interest at a rate of 10%, according to a 6-K filed Monday with the Securities and Exchange Commission.

The toggle notes were issued as part of the company’s qualified recovery settlement.

Oi said it expects to make the cash interest payment on the first interest payment date of Feb. 5, 2019.

The notes are governed by an indenture dated July 27 among Oi and Oi Móvel SA, Telemar Norte Leste SA, Copart 4 Participações SA, Copart 5 Participações SA, Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA and Bank of New York Mellon, as trustee, registrar, a paying agent and transfer agent.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy on June 21, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under case number 16-11791.

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