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CITIBANK BRAZILIAN PAST-DUE INTEREST BOND AGREEMENT DATE SET

 CITIBANK BRAZILIAN PAST-DUE INTEREST BOND AGREEMENT DATE SET
 NEW YORK, Aug. 27 /PRNewswire/ -- A signing date for a final agreement to issue approximately $7 billion worth of Brazilian past-due interest bonds for 1989 and 1990 has been set for Thursday, Sept. 10 in Toronto, according to an announcement by Citibank Vice Chairman William R. Rhodes.
 In June 1991, the Brazilian Senate approved an agreement between the Government and its Bank Advisory Committee in which the interest due and unpaid in 1989 and 1990 was settled by paying 25 percent of the amount in cash in 1991, with the remaining 75 percent to be resolved through the issuance of bonds following an agreement-in-principle on Brazil's $44 billion of medium- and long-term debt owed to foreign commercial banks. That agreement in principle was reached on July 9.
 The bonds will be issued once banks holding 95 percent of Brazil's previously restructured commercial bank debt have signed the documents covering the agreement on the 1989/1990 past-due interest, final drafts of which are currently being circulated to the banks. The issuance is expected to occur during the fourth quarter of this year.
 In order to finalize a term sheet on the medium- and long-term debt, work is continuing between Brazil and the Chairmanship of the Bank Advisory Committee. Discussions with the Bank Advisory Committee are expected to be completed within two weeks, after which the Term Sheet will be sent to the Brazilian Senate for its consideration.
 -0- 8/27/92
 /CONTACT: John M. Anderson, 212-559-2722, for Citibank/ CO: Citibank ST: New York IN: FIN SU:


SH-OS -- NY055 -- 4043 08/27/92 15:04 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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