Brazil's Net Serviços buys back all of Net Sul's 7% notes, floaters

By Angela McDaniels

Seattle, April 6 - Net Serviços de Comunicação SA repurchased all of the 7% senior secured notes due 2009 and senior secured floating-rate notes due 2009 issued by subsidiary Net Sul Comunicaçes Ltda. during a recent tender offer, according to a 6-K report filed with the Securities and Exchange Commission on Wednesday.

The repurchase is one component of Net Serviços' capital restructuring process, according to the filing.

In November, the São Paulo, Brazil-based pay television operator said it would use proceeds from the issuance of R$650 million of local debentures to prepay more expensive debt, extend the average tenor of its debt and reduce its foreign currency exposure.

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