Brazilian telecommunications company Telemar Norte Leste has tapped the market for ¥48.6bn syndicated loan facility via a syndicate of seven banks. The Japanese export credit agency JBIC has now also lent its support to the facility, providing a guarantee agreement for the facility.

The syndicate comprises of Citibank, SMBC, Mizuho Corporate Bank, BTMU UFJ, and the Tokyo branches of Société Générale a data communication project, and support the development of the telecommunications network infrastructure in Brazil, which provides a source of business for locally-operated Japanese companies.