Seeking Alpha

PT, Oi soar after Espirito Santo debt positions disclosed

  • In a 6-K, Portugal Telecom (PT +7.5%) says it owned €750M ($990M) in short-term debt issued by Espirito Santo International, as of the end of 2013. The figure includes €500M that was settled on Feb. 10, €200M settled on Jan. 29, and €50M settled on Feb. 20.
  • PT and Oi (OIBR +9.3%) are up sharply. Shares of both carriers have been hit hard by PT's purchase of €897M in debt issued by Grupo Espirito Santo subsidiary Rioforte. In July, PT and Oi restructured their merger agreement to account for the purchase.
  • The Portuguese government announced a bailout for Banco Espirito Santo three weeks ago.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: