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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