Oi sells stock to creditors

Oi sells stock to creditors

Equity Corporate & Sovereign Strategy Capital Markets Telecoms Brazil

Brazil's Oi said it has increased its capital by BRL4bn ($1.06bn) by selling shares to creditors who agreed to take equity stakes in the company in exchange for debt payments. The telecommunications company issued 3.23m new shares to the so-called "backstop investors" for BRL1.24 each. Oi's share prices dropped 1.48% to BRL1.33 after the announcement. Oi now has BRL32.5bn in capital stock, the company said in a securities filing. Most of Oi's shareholders agreed in March last year to take equ

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