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CITIBANK: BRAZIL AND THE BANK ADVISORY COMMITTEE ANNOUNCEMENT

 NEW YORK, Jan. 8 /PRNewswire/ -- The Government of Brazil and the Bank Advisory Committee announced today that a Term Sheet on a financing plan for Brazil's $44 billion of medium- and long-term debt owed to foreign creditor banks and financial institutions is being printed for immediate distribution.
 Brazilian representatives and the Chairmanship of the Bank Advisory Committee plan to meet with various creditors in coming weeks to explain the details of the Term Sheet and the implementation of the agreement. (Citibank chairs the Bank Advisory Committee; deputy chairmen are J.P. Morgan and Lloyds Bank Plc.)
 "The dissemination of the Term Sheet is the latest step in the regularization of Brazil's relations with the international financial community," said William R. Rhodes, vice chairman of Citibank. "For the Brazilian government to place an emphasis on concluding this financing plan sends a clear, positive signal around the world," said Rhodes.
 Under the terms of the financing plan, creditors will have the opportunity to exchange their eligible debt for a combination of six options, one of which would provide new money to Brazil. Two of the options call for the issuance of instruments that will be fully secured with respect to principal and 12 months of interest. Collateral for the fully secured instruments will be phased in over a two-year period following the exchange date. The other options include a front-loaded interest reduction bond with a partial interest guaranty, a capitalization bond and a restructuring option.
 -0- 1/8/93
 /CONTACT: John M. Anderson of Citibank, 212-559-2722/


CO: Citibank ST: IN: FIN SU:

AH-OS -- NY031 -- 3044 01/08/93 12:55 EST
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Date:Jan 8, 1993
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