Oi share sale backstop reduces merger uncertainty, says Moody’s

Oi share sale backstop reduces merger uncertainty, says Moody’s

Equity

A syndicate of Brazilian and international banks will backstop Oi’s capital raise, a move that reduces uncertainty over its merger with Portugal Telecom, Moody’s said on Tuesday. The lead managers on Oi’s sale of common and preferred shares would commit to buying BRL6bn ($2.5bn) of stock, in addition to a BRL2bn commitment already agreed with existing shareholders Telemar Participacoes and funds managed by BTG Pactual, Oi said. The Brazilian investment bank is understood to be leading the share

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