BUENOS AIRES (Dow Jones)–Argentine phone company Telecom Argentina SA (TECO2.BA, TEO) said Tuesday that it will ask shareholders to approve a $500 million global bond program.
In a filing with the Buenos Aires Stock Exchange, the company said the proposed five-year bond program will be put to a shareholder vote Dec. 15. The bonds would be issued in U.S. dollars or other foreign currencies with maturities ranging from 30 days to 30 years.
Telecom Argentina didn’t say when it would issue the bonds, or what it would do with the proceeds.
Telecom Italia SpA (TI, TIT.MI, TIA) and Argentina’s Werthein family control Telecom Argentina, which ranks as one of the country’s largest telecommunications providers.
The company’s shares closed 0.8% lower at 17.90 pesos ($4.20) Tuesday.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com
Source: http://online.wsj.com