Sao Paulo, Brazil, 23 Nov – Portuguese-Spanish mobile telephone operator Vivo plans to issue debt worth 3 billion reais, the company said in a statement sent to the Brazilian market regulator.
The program approved by the Board of Directors, will blend debentures and promissory notes and will be issued over a two-year period.
The debentures will be non-convertible.
At the end of September the company’s net debts totaled 2.96 billion reais, a reduction of 28.7 percent as compared with the same date of 2006.
With 31.3 million customers, Vivo reduced its accumulated loss in the first nine months of the year by 85 percent to 127.7 million reais. (macauhub)