Algar calls up debt sale

Algar calls up debt sale

Debenture Debt Capital Markets Bonds Corporate & Sovereign Strategy Rule 476 Telecoms Brazil

Brazil's Algar Telecom said it plans to issue BRL350m ($92.5m) in debentures in the local market, with the proceeds going to fund new investments. The telecommunications company will divide the issue into one series of five-year notes and another series of seven-year notes, S&P Global Ratings said in a report. Algar will likely keep investment levels around BRL700m per year and maintain an EBITDA margin between 36% and 38%, as it sticks its debt level to around two times EBITDA and holds f

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