Portugal Telecom Intnl Fin BV Conversion of Suspension of Payments (8376Q)

TIDM36EN

RNS Number : 8376Q

Portugal Telecom Intnl Fin BV

02 December 2016

PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

(the "Issuer" or "PTIF")

NOTICE

to the holders of the following securities:

EUR500,000,000 4.375 per cent. Notes due 2017

(ISIN: XS0215828913)

EUR250,000,000 5.242 per cent. Notes due 2017

(ISIN: XS0441479804)

EUR750,000,000 5.875 per cent. Notes due 2018

(ISIN: XS0843939918)

EUR750,000,000 5.00 per cent. Notes due 2019

(ISIN: XS0462994343)

EUR1,000,000,000 4.625 per cent. Notes due 2020

(ISIN: XS0927581842)

EUR500,000,000 4.5 per cent. Notes due 2025

(ISIN: XS0221854200)

EUR400,000,000 6.25 per cent. Notes due 2016

(ISIN: PTPTCYOM0008)

(together, the "Notes")

issued by the Issuer under its EUR7,500,000,000 Euro Medium Term Note Programme

and guaranteed by

Oi S.A. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

("Oi")

Judicial administrators of PTIF and Oi Brasil Holdings filed for conversion of suspension of payments proceedings into bankruptcy proceedings

On 1 December 2016, the judicial administrators appointed to supervise the suspension of payments proceedings in respect of Oi Brasil Holdings Coöperatief UA em recuperação judicial (subject to Brazilian in-court restructuring proceedings) ("Oi Brasil Holdings") and PTIF, both of which are Oi's wholly-owned subsidiaries that serve as financing vehicles incorporated in the Netherlands, filed requests with the District Court of Amsterdam, The Netherlands for the conversion of the suspension of payments proceedings in respect of Oi Brasil Holdings and PTIF into Dutch bankruptcy proceedings.

On 1 December 2016, the District Court of Amsterdam, The Netherlands ordered that a hearing in relation to the requests for conversion of the suspension of payments process for each of Oi Brasil Holdings and PTIF will be held on 12 January 2017 at 13:30 (CET).

For more information, please contact:

Portugal Telecom International Finance B.V. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

Carlos Augusto Machado Pereira de Almeida Brandão

E-mail: [e-mail]

Telephone: + 55 21 3131-2918

The administrator of PTIF

Mr J.L.M. Groenewegen

CMS

PO Box 94700

1090 GS Amsterdam

The Netherlands

E-mail: [e-mail]

Telephone: [phone]

2 December 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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December 02, 2016 06:41 ET (11:41 GMT)