Shearman & Sterling advised Bank of America, N.A. as administrative agent and Merrill Lynch Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and RBS Securities Inc. as joint lead arrangers and joint bookrunners in connection with a $1 billion credit facility for Telemar Norte Leste S.A., Brasil Telecom S.A., 14 Brasil Telecom Celular S.A. and TNL PCS S.A.

The Shearman & Sterling team included partners Douglas McFadyen (New York-Tax) and Jeanne Olivier (New York-Project Development & Finance) and associates Jeannetta Craigwell-Graham (New York-Project Development & Finance), Amy Lewis (New York-Tax) and Barbara Zylberg (New York-Project Development & Finance).