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China Development Bank provides $500 million buyer's credit loan to Telemar Norte Leste SA to purchase equipment (Linked to Record ID#38142)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Telemar Norte Leste SA |
| Country | Brazil |
| Start Date | Oct 30, 2009 |
| End Date | Aug 14, 2029 |
| Duration | 7,228 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 59394 |
Grant Description
China Development Bank provides $500 million buyer's credit loan to Telemar Norte Leste SA to purchase equipment On October 30, 2009, China Development Bank (CDB) signed a $500 million buyer's credit loan (BCL) facility agreement with Telemar Norte Leste SA (TMAR), a Brazil-based telecommunications company and subsidiary of Oi SA.
Interest on the loan was payable semi-annually in arrears through maturity in October 2016.
The outstanding principal amount of these loans was payable in 11 equal semi-annual installments commencing in April 2012 and terminating upon maturity in October 2016. CDB disbursed $94 million in 2010 and $98 million in 2011. On December 31, 2012, the (principal) amount outstanding under this credit facility was $158 million.
As of December 31, 2017, the (principal) amount outstanding was equal to $35 million.
The purpose of this loan was to fund equipment purchases related to Telemar’s capital expenditures on telecommunications infrastructure.
In February 2009, CDB provided a separate $300 million loan to TMAR to purchase Huawei equipment (as captured via Record ID#38142).
Staff Comments
1. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- SUBSCRIPTION AND COMMITMENT AGREEMENT
- OI SA RJ Plan
- Brazil’s Oi granted loan by China Development Bank
- Form 20-F VALE S.A. Federative Republic of Brazil
- Formulário de Referência - 2018 - OI S.A. - Em Recuperação Judicial Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Telemar Norte Leste SA
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