By Marisa Wong
Los Angeles, July 28 – Oi SA wholly owned subsidiary Oi Movel SA priced $880 million of 8¾% senior secured notes due 2026 (B-/CCC+), according to a 6-K filing with the Securities an Exchange Commission.
The notes will be guaranteed by the parent company.
Proceeds from the Regulation S offering will be used to repay Oi Movel’s R$2.5 billion of senior secured debentures due January 2022. Any remaining proceeds are earmarked for general corporate purposes.
The offering is expected to close on Friday.
The telecommunications company is based in Rio de Janeiro.
| Issuer: | Oi Movel SA
|
| Guarantor: | Oi SA
|
| Issue: | Senior secured notes
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| Amount: | $880 million
|
| Maturity: | 2026
|
| Coupon: | 8¾%
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| Announcement date: | July 27
|
| Settlement date: | July 30
|
| Ratings: | S&P: B-
|
| Fitch: CCC+
|
| Distribution: | Regulation S
|
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