Brazilian flats steelmaker Usiminas announced on Wednesday it has reached a deal with its creditors to restructure its debts.
According to the steelmaker, on June 14, 2016, it reached a deal with different creditors to restructure 75 percent of its debts, extending maturities for 10 years with a three-year grace period to start repaying the principal.
Creditors include Brazilian banks and bondholders. Brazilian banks are Banco do Brasil, Bradesco and Itau, as well as the nation’s development bank, BNDES.
Usiminas didn’t name the bondholders, but said those have bought the bonds through Pentagono S.A. Distribuidora de Titulos e Valores Mobiliarios.
Usiminas said the deal is subject to “certain suspensive conditions.” The contract is also tied with the company’s recently approved BRL 1 billion ($288.4 million) capital injection.
It added BNDES’s approval of the terms of the deal is still pending.