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Brazils Oi starts one-day tender for maximum amount of four notes
By Susanna Moon
Chicago, June 11 Oi SA said it began a tender offer for a maximum purchase amount of four series of notes.
The tender offer began at 3:30 a.m. ET on June 11 and was set to end at 11 a.m. ET the same day, with the purchase amount to be announced June 12. The offer was announced June 10.
The purchase price for each 1,000 principal amount is as follows:
1,033.50 for the 600 million 5 5/8% notes due 2016 issued by Portugal Telecom International Finance BV;
1,045.75 for the 500 million 4 3/8% notes due 2017 issued by Portugal Telecom;
1,054.50 for the 250 million 5.242% notes due 2017 issued by Portugal Telecom; and
1,075.75 for the 739.9 million 5 1/8% notes due 2017 issued by Oi.
Holders will also receive accrued interest up to but excluding the settlement date.
Preferred tenders, and non-preferred tenders by holders of 5 5/8% notes or 5 1/8% notes, must be in principal amounts of at least 100,000 and integral multiples of 1,000 after that, according to a company notice. Non-preferred tenders by holders of 4 3/8% notes or 5.242% notes must be in principal amounts of at least 50,000 and integral multiples of 1,000 after that.
As previously announced, the offer is conditioned on pricing of a new issue of Oi Brasil Holdings Cooperatief UAs notes, guaranteed by Oi.
Holders who tender their notes and submit an equivalent-sized firm bid for the new notes before pricing will be given priority before any other tenders, the company previously said.
The dealer managers are Merrill Lynch International (+44 207 995 2929), HSBC Bank plc (+44 20 7992-6237), Banco Santander, SA (+ 44 20 7756 6909) and BB Securities Ltd. (+44 207-367-5832).
D.F. King (+44 20 7920 9700 or oi@dfkingltd.com) is the information agent.
As previously reported, Oi had planned to start a roadshow on June 4 to market a euro-denominated offering of notes.
Oi is a Rio de Janeiro-based telecommunications service provider.
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