Brazil's "passion for football is paving the way" for broadcaster Radio e Televisao Bandeirantes "to sell its first bond since defaulting a decade ago," according to Julia Leite of BLOOMBERG. The media company, one of just two that are broadcasting World Cup games over Brazil’s public airwaves as the host nation vies for a sixth title, "plans an overseas bond sale to tap into growing investor confidence sparked by higher ad revenue from the most-watched sporting event." Standard & Poor’s said on June 26 that Bandeirantes is seeking to sell $200M of notes "to refinance short-term debt." The network "posted a 30% increase in net revenue in the first quarter as companies paid in advance for spots to be aired during World Cup coverage." The pickup in earnings "will pave the way for a sale." The improvement in revenue from the World Cup "will help the company cut leverage ratios and lift profitability." Bandeirantes, Brazil’s fourth-largest TV broadcaster by market share, paid $63.7M "for the transmission rights to the World Cup" and another $35M for the 2016 Olympic Games. Viewership at the network jumped about 25% in the first 34 games of the tournament, "compared with the 2010 games held in South Africa." The company "declined to comment on the bond offering" (BLOOMBERG, 7/2).
