USJ delays deadline on bond swap

USJ delays deadline on bond swap

Debt Bonds Capital Markets Corporate & Sovereign Strategy Fixed Income Asset Management Brazil

Brazil's USJ has extended the deadline on a proposed bond swap, giving investors another two weeks to exchange $277m in 2019 and 2021 bonds for new payment-in-kind toggle notes due in 2023 and cash.The deadline for the exchange is now April 19, moved back from the previous deadline on April 5, USJ said in a statement. The sugar company has also asked bondholders to remove the "restrictive covenants" on the 2021 notes and return the collateral to USJ in case of default.For every $1,000 in 9.875%

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