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Portugal : PORTUGAL TELECOM assures EUR 897 million in RIOFORTE debt

July 3, 2014

Portugal Telecom has subscribed to a total of EUR 897 million in commercial paper of Rioforte, an Espirito Santo Group company.

Portugal Telecom confirmed that it has subscribed through its two subsidiaries PT International Finance and PT Portugal SGPS.

The debt is due on 15 and 17 July. The subscription was done via two subsidiaries, and the debt carries average annual interest of 3.6 percent, according to company.

Previously, Portugal Telecom had EUR 900 million of commercial paper issued by Rioforte.

The Securities Market Commission (CMVM) is crating to examine, to ascertain whether there was favoritism among shareholders as Espirito Santo Group owns a 10 percent stake in the telecommunications operator.

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Source: TendersInfo (India)

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