OUTROS DESTAQUES
Capitalization
Net's bookbuilding and road show to be announced next week
quinta-feira, 11 de julho de 2002 , 16h46 | POR REDAÇÃO

Responding to pressure from analysts and investors, Net has at last agreed to release details of the capital increase, announcing Wednesday, July 10, the launch of a road show next week. It was originally to have been launched this week, but CVM, Brazil?s securities and exchange watchdog, is still analyzing the share issue, which could exceed 1 billion reals. In addition, a spokesman for Net says the issue won?t go ahead until a debt rescheduling agreement has been reached. Net had debts amounting to 1.6bn reals at the end of March. None of this calmed the stock market, however. At 5 p.m. on Wednesday, the company?s main stock was down 1.32% on 1.50 reals with very thin trading.
The bad news for Net and other companies that depend on credit from Brazilian banks is that the banks? ratings are deteriorating, largely owing to their exposure to sovereign risk because they hold such huge amounts of government bonds. On Wednesday, July 10, Moody's downgraded Bradesco, Itaú, Unibanco, Banco do Brasil, and BNDES, the national development bank. Bradesco and BNDES are shareholders in Net. Downgrading makes it harder for these banks to obtain dollar loans in the international market, and hence to onlend in hard currency to local clients.

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