By Paul A. Harris
Portland, Ore., July 24 - In a deal steered toward retail investors Portugal Telecom SGPS SA has priced an upsized €490 million of 6¼% four-year fixed-rate notes, according to a press release that the company posted on its website on Tuesday.
The deal, which was 22.5% oversubscribed, was upsized from €450 million after having been previously upsized from €250 million, the release stated.
The proceeds will be used to cover the company's refinancing needs, extending its nearest maturity to the end of June 2016.
Moody's Investors Service assigns its Ba2 senior unsecured debt rating to Portugal Telecom. The Standard & Poor's rating is BB+. Fitch assigns the issuer its BBB rating.
The issuer is a Lisbon-based provider of telecommunications and multimedia services in Portugal and Brazil.
| Issuer: | Portugal Telecom SGPS SA
|
| Amount: | €490 million, upsized from €400 million after having previously been upsized from €200 million
|
| Maturity: | July 26, 2016
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6¼%
|
| Settlement date: | July 26
|
| Distribution: | Regulation S
|
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