ContractCredit Agreement • May 1st, 2020 • Tim Participacoes Sa • Telephone communications (no radiotelephone) • New York
CREDIT AGREEMENT (this “Agreement”) dated as of April 7, 2020, by and among Tim S.A., a Brazilian corporation organized under the laws of the Federative Republic of Brazil (the “Borrower”), Tim Participações S.A., a Brazilian corporation organized under the laws of the Federative Republic of Brazil (the “Guarantor”) and The Bank of Nova Scotia, as lender, a financial institution organized under the laws of Canada (the “Lender”).
English Language SummaryCredit Agreement • May 1st, 2020 • Tim Participacoes Sa • Telephone communications (no radiotelephone)
On January 31, 2020, TIM S.A. entered into a credit agreement, or the Credit Agreement, with an aggregate principal amount of R$752.5 million with Banco do Nordeste do Brasil S.A., or BNB to be disbursed in tranches. This credit agreement will be monetarily adjusted by the IPCA rate with one portion (R$325.1 million) bearing interest at 1.4386% and the remaining portion (R$427.4 million) bearing interest at 1.7582%. There is a 15% compliance bonus reduction of the interest rates percentages in case of compliance with certain covenants.
LETTER LOAN AGREEMENTLetter Loan Agreement • May 1st, 2020 • Tim Participacoes Sa • Telephone communications (no radiotelephone) • New York
BANK OF AMERICA, N.A. (the “Bank”) is pleased to make available to TIM S.A., a corporation duly constituted and domiciled in the Federative Republic of Brazil and enrolled with the CNPJ under number 02.421.421/0001-11 with domicile at Rua Fonseca Teles 18-30, Rio de Janeiro – RJ, 20940-200 (the “Borrower”), a term loan facility on the terms and subject to the conditions set forth below.
