January 9, 2013
BNDES will provide a BRL5.4bn ($2.66bn) loan for Brazilian telecom Oi, it s
BNDES will provide a BRL5.4bn ($2.66bn) loan for Brazilian telecom Oi, it says, with funds aimed at its fixed and mobile networks, cable infrastructure development, and related information technology. BNDES officials decline to disclose financial details. The investment plan for 2012-2014 includes a $15.9bn project investment, and BNDES notes that some 4,700 jobs will be created by December 2014. In November, Moody’s downgraded Oi’s rating to Baa3 from Baa2, citing its leverage.