Jan. 22 (Bloomberg) -- Telesp Celular Participacoes SA, Brazil's largest publicly traded mobile-phone company, said it plans to sell $500 million of bonds, as companies look to raise funds abroad to take advantage of declining borrowing costs.

The board of directors of Telesp Celular, controlled by Portugal Telecom SGPS SA and Telefonica Moviles SA of Spain's Vivo venture, approved the bond sale plans last week, the company said in a statement to the Sao Paulo stock exchange. The operator didn't disclose terms of the planned bond sale.

Last Updated: January 22, 2004 07:58 EST