Contax Approves BNDES Debt

Contax Approves BNDES Debt

Brazil Equity Bonds

The board of Contax Participacoes, an outsourcing operator that counts Oi among its controlling shareholders, has approved the issue of BRL253.4m ($138m) in domestic bonds, Contax says. A BRL126.7m 2018 inflation-linked tranche pays 6.5% and is convertible in to shares after two years at the holder’s discretion. The conversion price is BRL32.00 per share, or the stock’s 22-day trading average plus a 50% premium, whichever is less. The shares closed at BRL21.51 Monday. A second tranche

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