Key Developments For Net Servicos de Comunicacao S.A.
Net Servicos de Comunicacao S.A. (NETC.O) (Nasdaq)
Net Servicos de Comunicacao SA Launches $350 Million, Ten Year Bonds To Yield 7.625%-DJ
Dow Jones reported that Net Services de Communicacao S.A. launched a $350 million, ten year bond offer with a yield of 7.625%, according to a fund manager's term sheet. Citigroup, ING and Banco Itau are running the books on the deal. Proceeds from the deal will go toward general corporate purposes, as well as repaying existing debt and funding potential acquisitions.
Moody's Upgrades Net Servicos de Comunicacao SA's Rating
Net Servicos de Comunicacao SA announced that on September 15, 2009 Moody's Investor Service (Moody's) raised the Company's global corporate credit rating from Ba2 to Ba1 and the Company's national scale rating from Aa3.br to Aa2.br. According to Moody's, the Company's rating upgrade is based on the Company's demonstrated resilience to Brazil’s latest economic downturn thus far, by showing continued strong growth in its subscriber base with no material increase in subscriber churn or delinquency, while maintaining low leverage and improved interest coverage that compare favorably to global industry peers and similarly rated Latin American companies.
Standard & Poor's Upgrades Net Servicos de Comunicacao SA Rating
Net Servicos de Comunicacao SA announced that on August 18, 2009, Standard & Poor's Ratings Services upgraded the Company's global corporate credit rating from BB to BB+ and its long-term Brazil national scale rating from brAA- to brAA. According to Standard & Poor's, the upgrade reflects its greater comfort that Net Servicos de Comunicacao SA's leading position in cable and high-quality broadband services will support fairly resilient operational performance throughout business cycles. In addition, it believes operating cash flow generation has supported Net Servicos de Comunicacao S's strong growth in recent years while maintaining its low leverage position.
Net Servicos de Comunicacao SA Acquires Remaining 48.51% Stake in ESC 90 Telecomunicacoes Ltda from EDP-Energias do Brasil SA
Net Servicos de Comunicacao SA announced that, in relation to the information from September 1, 2008, it has concluded the acquisition of 100% of the share capital of ESC 90 Telecomunicacoes Ltda, effective on June 30, 2009, following the authorization granted by the Brazilian telecommunications agency Agencia Nacional de Telecomunicacoes – ANATEL. Net Servicos de Comunicacao SA acquired the remaining shares of ESC 90 Telecomunicacoes Ltda, corresponding to 48.51% of its share capital from EDP-Energias do Brasil SA. ESC 90 Telecomunicacoes Ltda operates in the pay television and broadband Internet sectors in the cities of Vitoria and Vila Velha in the Espirito Santo state. The acquisition had a contractual value of R$95 million, subject to change. The operation fits into the strategic plans of the Company to concentrate its activities in the segments of generation, distribution and marketing of electric power.
Net Servicos de Comunicacao SA Acquires 100% Stake in Esc 90 Telecomunicacoes Ltda
Net Servicos de Comunicacao SA announced that it has acquired a 100% stake in Esc 90 Telecomunicacoes Ltda. The total purchase price was R$94,624,000.00.
