CNO Wins Syndicate Support

Feb 1, 2003

Few Brazilian companies foresaw the severity of the credit crunch in 2002. Some managed to refinance their obligations in time, many others are fighting to avoid a debt restructuring. Last June, Construtora Norberto Odebrecht, the construction and engineering arm of privately owned Brazilian conglomerate, the Odebrecht Group, signed a $280 million, five-tranche loan facility, structured and arranged by the International Finance Corporation and Bank of America, that enabled the company to refinance $280 million in dollar bank loans and international bonds due in July 2002. CNO wins LatinFinance's syndicated loan of the year for the largest, longest-dated loan extended to a private sector Brazilian company in 2002.

CNO and its bankers attracted a broad range of international and local commercial, investment banks and financial institutions...

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