Lupatech Gets Consent to Alter Covenants

Lupatech Gets Consent to Alter Covenants

Brazil Corporate & Sovereign Strategy

Creditors of Brazil’s Lupatech have agreed to adjust the payment schedule for the troubled oil valve maker’s BRL320m ($204m) in convertible 2018 bonds, as well as amend the remuneration and the conversion premium. Facing tight liquidity and high leverage coming out of the credit crisis period, Lupatech got a covenant waiver from creditors in 2010 that expired this year. An agreement to adjust the terms was largely in the hands of Brazilian development bank BNDES, which holds about 90%

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