Oi Plans Jumbo Local Bond

Brazilian telecom Oi plans to raise BRL1bn ($630m) through a new domestic bond issue by its Brazil Telecom unit. The rule 476 sale will carry guarantees from the company’s Telemar Norte Leste unit. A 2016 bond is paying the DI plus up to 1.10%. Santander is managing the sale. Brasil Telecom and Telemar Norte Leste are two of the Brazilian telecom’s many subsidiaries that were rolled this year into one opco and one holdco as part of a structural simplification plan.