March 8, 2018 |
Oi's board has approved terms over a debt-for-equity swap after most of its creditors endorsed the restructuring plan.
According to a securities filing, the Brazilian telecom agreed to issue a minimum of 1.04bn and maximum of roughly 1.76bn new shares. If all shares are issued, Oi will raise about BRL12.3bn ($3.8bn), based on each unit being BRL7.
Under the terms of agreement, Oi's bondholders can partake in the capital increase by swapping part of their debt for new stock.
Shareholder Pharol, h
Brazilian telecom's stock price jumps after board approves $3.8bn share issuance