Restoque comes to terms with creditors

Restoque comes to terms with creditors

Bonds Debt Capital Markets Debenture Loans Structured Finance Brazil Latin America

Brazilian retailer Restoque said on Friday that it reached an agreement with creditors to restructure around BRL1.43 billion ($288 million) in debt. Under the agreement, Restoque will convert existing debt into two series of debentures. The first series will have a maximum value of BRL606 million and pay the DI interbank lending rate plus 2.7%. The second series will have not upper limit and pay DI plus 2.9%, "which is very close to the current total financial cost of the company," Restoque said

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