BankAmerica Corp. is leading a $1 billion syndicated loan for Avantel Brazil, which it is billing as the largest Brazilian corporate loan to date.

The loan, for which bank meetings were held Wednesday, backs Avantel's bid for a cellular telephone license. Avantel Brazil is a consortium consisting of U.S. wireless firm Airtouch Communications Inc., Brazilian bank Uniao de Bancos Brasileiros SA, and three other Brazilian companies.

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