Key Developments: Oi SA (OIBR4.SA)

OIBR4.SA on Sao Paolo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Bain Capital and Apax Partners launch bid to buy Portugal Telecom assets from Oi SA
Wednesday, 12 Nov 2014 04:38am EST 

Portugal Telecom SGPS SA:Says that Oi SA announces that Bain Capital and Apax Partners launched a takeover bid to buy Portugal Telecom assets from Oi SA.Bid for an enterprise value of 7.075 billion euros.  Full Article

Portugal Telecom informs that Oi SA considers Terra Peregrin bid for PT unacceptable
Tuesday, 11 Nov 2014 03:45am EST 

Portugal Telecom SGPS SA:Says received decision by the Board of Directors of Oi SA regarding Terra Peregrin tender offer for the shares of the capital of Portugal Telecom SA.Oi SA says tender offer includes conditions that would result in alterations to terms of the restructuring and merging involving Oi and PT already underway.Oi's Executive Board consider any changes to the definitive agreements entered into with Portugal Telecom SA on Sept. 8 to be inappropriate.Oi considers the tender offer unacceptable and confirms that it will not modify any corporate acts, definitive agreements or other instruments entered into in order to comply with the conditions stipulated in the tender offer.  Full Article

Terra Peregrin launches bid for Portugal Telecom SPGS, Oi SA shareholder
Sunday, 9 Nov 2014 01:39pm EST 

Portugal Telecom SGPS SA:Announces that Terra Peregrin, controlled by Isabel dos Santos daughter of Angola's president, launched a takeover bid for Portugal Telecom at 1.35 euros per share.Offer affects the portuguese assets of Oi SA and PT SGPS owns 25.6 pct of Oi share capital.Dos Santos is one of the main shareholders in Portugal's telecommunications company NOS.  Full Article

Altice announces it has made an offer to acquire Portugal Telecom from Oi
Sunday, 2 Nov 2014 06:53pm EST 

Altice SA:Says it has made a binding, fully financed offer to purchase the Portuguese assets of Portugal Telecom from Oi.These assets comprise the existing business of Portugal Telecom outside of Africa and excludes Portugal Telecom`s Rio Forte debt securities, Oi treasury shares and Portugal Telecom financing vehicles.Offer submitted by Altice values these assets at an enterprise value of 7.025 billion euros on a cash and debt free basis.Enterprise value includes a 400 million euro earn-out related to the future revenue generation of Portugal Telecom and a 400 million euro earn-out related to the future generation of Operating Free Cash Flow (EBITDA less Capex).If this offer is accepted, the transaction net of financial debt and other purchase price adjustments would be financed by new debt and existing cash from Altice.  Full Article

Oi SA CEO Zeinal Bava resigns-Reuters
Wednesday, 8 Oct 2014 03:05am EDT 

Oi SA:Brazilian telephone and wireless carrier Grupo Oi SA said its Chief Executive Officer Zeinal Bava had resigned with immediate effect on Tuesday-Reuters.Bava will be temporarily replaced by Chief Financial Officer Bayard Gontijo, who will take up the CEO role while carrying on as CFO and head of investor relations.The company gave no details about the reason for Bava's departure.  Full Article

Oi SA announces approval of preparatory measures for sale of Africate and notice received from Samba Luxco Sarl regarding Africatel shareholders’ agreement
Wednesday, 17 Sep 2014 02:32am EDT 

Oi SA:Says the Board resolved to authorize the management of Oi to take the necessary measures for the sale of Oi’s holdings in Africatel Holdings BV, representing 75 pct of the capital stock of Africatel, and/or its assets.Announces a notice received by Oi’s indirect subsidiary Africatel GmbH from Samba Luxco Sarl regarding the Africatel shareholders’ agreement.Says Africatel GmbH intends to dispute the availability of the put option by Samba Luxco under the existing circumstances, which, in accordance with the Africatel shareholders’ agreement, could lead to the commencement of arbitration to resolve the matter.Says Oi intends to focus its efforts on the sale of Africatel and/or its assets and believes that the achievement of this goal will make any such arbitration unnecessary.  Full Article

Moody's downgrades Oi SA ratings
Monday, 1 Sep 2014 08:00am EDT 

Oi SA:Says Moody's has downgraded the company's long-term rating in the global scale to Ba1 from Baa3 and in the national scale to Aa2 from Aa1.Outlook is negative.Specific debt credit ratings from Oi SA and Portugal Telecom International Finance BV were also revised.  Full Article

Moody's downgrades Oi SA to Ba1; outlook negative-Reuters
Thursday, 28 Aug 2014 09:35pm EDT 

Oi SA:Moody's downgrades Oi SA to Ba1, outlook negative-Reuters.  Full Article

Portugal Telecom SGPS SA and Oi SA announce agreement on terms to proceed with business combination
Monday, 28 Jul 2014 05:16pm EDT 

Portugal Telecom SGPS SA (PT SGPS) and Oi SA:Announce that they have reached an agreement on the final terms of the key contracts following the Memorandum of Understanding (MOU) announced on July 16.The documentation establishes that PT SGPS will exchange with Oi the 897 million euros treasury applications in Rio Forte Investments SA (Rioforte debt) for 474,348,720 Oi ON shares plus 948,697,440 Oi PN shares (the Oi Call Shares).PT SGPS will be granted a non-transferable American-type call (Call) to repurchase the Oi Call Shares (strike prices of 2.0104 Brazilian reais ON and 1.8529 reais PN), which will be adjusted by the Brazilian CDI rate plus 1.5 pct per year.The Call on the Oi Call Shares will become effective on the date of the Exchange, will have a 6-year maturity, and the Oi Call Shares that PT SGPS has the right to call will be reduced by 10 pct at the end of the first year and by 18 pct per year thereafter.Any proceeds received as a result of a monetization of the Call through the issuance of derivatives or back to back instruments must be used to exercise the Call.PT SGPS can only acquire Oi or CorpCo shares through the exercise of the Call.  Full Article

Standard & Poor's downgrades Oi SA rating
Monday, 21 Jul 2014 07:44am EDT 

Oi SA:Says Standard & Poor's has downgraded the company's long-term rating in the global scale to BB+ from BBB- and in the national scale to brAA+ from brAAA.Outlook is stable.  Full Article


Apax, Bain submit offer for Portugal Telecom assets: sources

LISBON - Private equity funds Bain Capital and Apax Partners, together with Portuguese conglomerate Semapa , submitted on Friday a firm offer to buy Portugal Telecom's operations in Portugal from Brazil's Oi , three sources said.

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