Market expects TCO to refinance Splice's debt

Equity analysts are betting Tele Centro Oeste Celular (TCO) will repurchase 400 million reals worth of debentures issued by Splice, its parent, due in July. They attribute TCO?s 9% loss in the week to this expectation. Refinancing of Splice?s debt is seen as a risky transaction because on its own Splice doesn?t have sufficient funds to honor its obligations. TCO?s director of investor relations declined to answer questions from TELETIME News on this subject, saying he wouldn?t comment on a hypothesis, and Splice CEO Ricardo Adenes didn?t return our calls.

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