UPDATE 1-Brazil steelmaker Usiminas reaches debt renegotiation deal, shares jump

June 15, 2016 2:14 PM

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SAO PAULO, June 15 Brazilian steelmaker Usiminas announced on Wednesday it had reached a renegotiation deal for about 75 percent of its debt with banks and bondholders, extending maturities over the next 10 years with a three-year grace period on the principal.

Usinas Siderurgicas de Minas Gerais SA, as the company is formally known, signed binding terms with Banco do Brasil SA, Banco Bradesco SA, Itau Unibanco Holding SA and state development bank BNDES, which still needs to formally approve the renegotiation.

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