Oi Gets BNDES Funds

BNDES has approved a BRL4.4bn loan for telecom Oi, it says. The 9-year loan pays TJLP plus 3.95%, according to officials at the Brazilian state-run development bank. Oi, also known as Telemar, will use proceeds to help finance its BRL12.3bn 2009-2011 investment plan to boost its number of subscribers by expanding its network.