Oi agrees debt-for-equity swap

Oi agrees debt-for-equity swap

Telecoms Brazil

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

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