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February 12, 2008 |
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BANCO NACIONAL: Funding BRL2.55B for Tele Norte Restructuring Banco Nacional de Desenvolvimento Economico e Social will finance BRL2.55 billion for the restructuring of Tele Norte Leste Participacoes, news daily Valor Economico reports. According to Valor Economico, the financing from Banco Nacional will put Tele Norte on solid footing to bid for Brasil Telecom. Business News Americas relates that the BRL2.55 billion has an unprecedented characteristic in Banco Nacional's funding system. Banco Nacional will be paid back according to the valorization of the stocks from the firm that will be created after Tele Norte acquires Brasil Telecom. BNamericas notes that Banco Nacional will offer BRL1.25 billion to Tele Norte shareholders Andrade Gutierrez and La Fonte so they could purchase the stock of other shareholders like GP Investimentos and Banco do Brasil insurance. Banco Nacional will offer BRL1.3 billion to Tele Norte's controller Telemar Participacoes to conclude capital restructuring. Andrade Gutierrez and La Fonte will have 20% each of Telemar Participacoes' capital. Banco Nacional will also take advantage of the valorization of the stocks for the BRL1.25 billion and the BRL1.3 billion loans. Andrade Gutierrez, La Fonte, and Telemar Participacoes will pay off the loan with interest as established in contracts if the stocks drop in value, BNamericas states. About Telemar Norte Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste Participacoes SA -- http://www.telemar.com.br -- is a provider of fixed-line telecommunications services in South America. The company markets its services under its Telemar brand name. Tele Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. |
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