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Brasil Telecom holders approve call of debentures at Thursday meeting
By Jennifer Chiou
New York, March 12 - Holders of Brasil Telecom SA's fifth issue of debentures voted at a Thursday meeting to pass certain resolutions and confirm the fulfillment of the call requirements for the securities, according to a 6-K filing with the Securities and Exchange Commission.
The company said that holder representing 94.3% of the outstanding debentures attended the meeting in Brasilia.
Brasil Telecom said that the call notice was first published on Feb. 24.
Also at the meeting, board chairman Paulo Jorge Ribeiro Rodrigues and secretary Daniella Geszikter Ventura were elected unanimously by the attendees.
Of those who attended, 91.54% approved the proposed resolutions.
Now, the private deed includes:
• The ratio between the sum of the consolidated EBITDA for the last four quarters and the sum of the consolidated financial expenses for the same period shall not be less than 1.5 up to the third quarter of 2006, changing to 1.95 as of the fourth quarter of 2006, except that for the period starting on June 30, 2009 until June 30, 2010, inclusive; and
• The ratio between the consolidated debt and the sum of the consolidated EBITDA for the last four quarters of the issuer shall not be greater than 3.75, except that for the period starting on June 30, 2009 until June 30, 2010, inclusive.
Tele Norte Leste Participações SA is the intervening guarantor.
Brasil Telecom is a telecommunications services provided based in Brasilia, Brazil.
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