Oi Raises Jumbo Domestic Bond

Oi’s Brazil Telecom unit has completed the sale of BRL1bn ($630m) in bonds in the local market. The rule 476 sale comes with guarantees from the company’s Telemar Norte Leste unit. The 2017 bond pays the DI+1.0%, coming in under the DI+1.1% ceiling. The bond features a 1-year grace period. Santander managed the sale. Brasil Telecom and Telemar Norte Leste are two of the Brazilian telecom’s many subsidiaries that are to be rolled up this year into one opco and one holdco as part of a structural simplification plan.