December 23, 2019 / 10:29 AM / a month ago

Brazilian carrier Oi says mobile unit to issue up to $609.4 mln in bonds - filing

SAO PAULO, Dec 23 (Reuters) - Brazilian carrier Oi SA said on Monday its mobile unit has signed an agreement to issue up to 2.5 billion reais ($609.40 million) debenture bonds in a 24-month term to meet its cash needs, according to a securities filing.

In the filing, the company said the debt issuing was foreseen in its restructuring plan as debtor-in-possession financing (DIP) to raise cash while under bankruptcy protection.

The move comes as Brazil's largest-fixed line carrier struggles to turn around its business since June 2016, when it filed for bankruptcy to restructure approximately 65 billion reais ($15.7 billion) of debt. ($1 = 4.1024 reais) (Reporting by Gabriela Mello; Editing by Alison Williams)

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