Telemar Closes $1bn Credit Facility

Telemar Closes $1bn Credit Facility

Brazil Loans

Brazilian telecom Telemar (Oi) has closed a $1bn five-year revolving credit facility, which was downsized from $1.5bn last month. The smaller size arguably reflected a turning point for what had been an extremely attractive loan market for certain Brazilian and Mexican blue-chip names. This comes as banks take a more conservative approach as European debt woes impact funding costs. Margins are tied to a leverage grid at Libor+90bp out of the box for a BBB/Baa2 rating, 115bp if ratings drop to BB

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