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Brazils Oi buys back 315.2 million of four series in one-day tender
By Susanna Moon
Chicago, June 15 Oi SA said it accepted preferred tenders for 173,721,000 principal amount of notes and non-preferred tenders for 141,441,000 principal amount of notes in its one-day tender offer.
The maximum purchase amount was set at 333,093,380, and, although not all non-preferred tenders will be accepted, no tender will be subject to proration, according to a company press release.
The tender offer began at 3:30 a.m. ET on June 11 and ended at 11 a.m. ET later the same day. The offer was announced June 10.
Holders who tendered their notes and submitted an equivalent-sized firm bid for the companys new notes before pricing were given priority before any other tenders.
The breakdown for the accepted tendered amounts is as follows with settlement set for June 17:
Preferred tenders for 56,925,000 of the 600 million 5 5/8% notes due 2016 issued by Portugal Telecom International Finance BV, and no non-preferred tenders;
Preferred tenders for 41,557,000 the 500 million 4 3/8% notes due 2017 issued by Portugal Telecom, and non-preferred tenders for 76,345,000;
Preferred tenders for none of the 250 million 5.242% notes due 2017 issued by Portugal Telecom, and no non-preferred tenders; and
Preferred tenders for 75,239,000 of the 739.9 million 5 1/8% notes due 2017 issued by Oi, and non-preferred tenders for 65,096,000.
Preferred tenders, and non-preferred tenders by holders of 5 5/8% notes or 5 1/8% notes, needed to be in principal amounts of at least 100,000 and integral multiples of 1,000 after that, as previously noted.
Non-preferred tenders by holders of 4 3/8% notes or 5.242% notes needed to be in principal amounts of at least 50,000 and integral multiples of 1,000 after that.
As previously announced, the purchase price for each 1,000 principal amount is as follows:
1,033.50 for the 600 million 5 5/8% notes due 2016 issued by Portugal Telecom International Finance BV;
1,045.75 for the 500 million 4 3/8% notes due 2017 issued by Portugal Telecom;
1,054.50 for the 250 million 5.242% notes due 2017 issued by Portugal Telecom; and
1,075.75 for the 739.9 million 5 1/8% notes due 2017 issued by Oi.
Holders will also receive accrued interest up to but excluding the settlement date.
The offer was conditioned on pricing of a new issue of Oi Brasil Holdings Cooperatief UAs notes, guaranteed by Oi.
The company priced 600 million principal amount of 5 5/8% senior notes due 2021, guaranteed by Oi, with the deal expected to close June 22.
The dealer managers are Merrill Lynch International (+44 207 995 2929), HSBC Bank plc (+44 20 7992-6237), Banco Santander, SA (+ 44 20 7756 6909) and BB Securities Ltd. (+44 207-367-5832).
D.F. King (+44 20 7920 9700 or oi@dfkingltd.com) is the information agent.
As previously reported, Oi had planned to start a roadshow on June 4 to market a euro-denominated offering of notes.
Oi is a Rio de Janeiro-based telecommunications service provider.
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