Brazil’s Oi Markets Bond at 9% Yield to Repay Even Pricier Debt

Oi Movel SA, Brazil’s largest landline carrier, is marketing a U.S. dollar bond partly to refinance more costly debt it took on during its ongoing restructuring.

The company, which is in judicial reorganization in Brazil, is offering at least $500 million of senior secured notes at a price indicated in the mid-9%, according to a person familiar with the matter.

The price is lofty compared with most deals this year, as only six dollar bonds with similar regulatory characteristics have been sold with higher levels of yield in 2021, according to data compiled by Bloomberg. But it’s still cheaper than ...