Brazil's Telemar to offer $1.5 billion-$2 billion notes in three parts Sept. 8 week

By Paul A. Harris

St. Louis, Sept. 2 - Brazil's Telemar Norte Leste SA is expected to sell between $1.5 billion and $2 billion of senior notes in three tranches during the Sept. 8 week, according to a market source.

Citigroup and Banco Santander are among the underwriters, according to the source, who added that other banks are expected to be involved.

The offering is expected to be comprised of five-year, 10-year and 30-year tranches.

Proceeds will be used to fund the approximately $3.5 billion equivalent acquisition of Brasil Telecom Participacoes SA.

Telemar is the parent of Brazilian telecommunications company Tele Norte Leste Participacoes SA.

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