TIM goes big in Brazilian bond market

TIM goes big in Brazilian bond market

Debenture Bonds Debt Capital Markets Telecoms Rule 476 Brazil Europe

The Brazilian business of the Italian telecommunications company TIM has sold $1bn ($266m) in local notes, according to the capital markets association Anbima. The underwriter Itaú BBA priced the 18-month notes at 104.1% of the DI interbank lending rate, according to Anbima. The sale marked TIM's first debenture deal under Brazil's Rule 476. TIM said in December that it will add the proceeds to working capital. It also said that it has paid BRL380m in shareholder dividends, equal to BRL0.16 pe

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