Printer Friendly

GOVERNMENT OF BRAZIL AND CITIBANK RECEIVE COMMITMENTS TO FINANCING PLAN

 NEW YORK, March 16 /PRNewswire/ -- The Government of Brazil and Citibank as closing agent have received commitments to Brazil's 1992 financing plan from commercial bank creditors holding more than 95 percent of the country's external debt required to permit the financing plan to go forward, Finance Minister Eliseu Resende and William R. Rhodes, Citibank vice chairman, announced today.
 Mr. Rhodes said, "The positive response from the banks, which was obtained by the target date, demonstrates their support for Brazil's commitment to conclude the financing plan and to regularize its relations with the international financial community."
 Under the 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. The financing plan covers $44 billion of medium- and long-term debt owed to foreign creditor banks. In addition, it settles Brazil's interest arrears for 1991, 1992 and 1993 up until the date of the exchange of instruments.
 Citibank chairs the 19-member Bank Advisory Committee for Brazil. The deputy chairmen are Morgan Guaranty Trust Company of New York and Lloyds Bank Plc. The other members are Arab Banking Corporation, Banco Portugues do Atlantico, Bank of America N.T. & S.A., Bank of Montreal, The Bank of Tokyo, Ltd., Bankers Trust Company, The Chase Manhattan Bank, N.A., Chemical Bank, Commerzbank Aktiengesellschaft, Credit Lyonnais, Deutsche Bank AG, Midland Bank plc, The Mitsubishi Bank, Limited, Societe Generale, Swiss Bank Corporation, and Union Bank of Switzerland.
 -0- 3/16/93
 /CONTACT: Richard J. Howe of Citibank, 212-559-9425/
 (CCI)


CO: Citibank; Government of Brazil ST: New York IN: FIN SU:

GK-OS -- NY042 -- 6587 03/16/93 13:16 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:340
Previous Article:/C O R R E C T I O N -- NATURAL CHILD CARE, INC./
Next Article:I.I.I. OFFERS BROCHURE TO HELP CONSUMERS FILE A CLAIM AFTER BLIZZARD OF '93


Related Articles
BRAZIL AND BANK ADVISORY COMMITTEE COMPLETE NEGOTIATIONS ON TERM SHEET
CITIBANK: BRAZIL ANNOUNCES ISSUANCE OF BONDS
CITIBANK: BRAZIL AND THE BANK ADVISORY COMMITTEE ANNOUNCEMENT
GOVERNMENT OF BRAZIL AND BANK ADVISORY COMMITTEE TO KICK OFF MEETINGS
GOVERNMENT OF BRAZIL AND BANK ADVISORY COMMITTEE BEGIN SERIES OF INFORMATIONAL MEETINGS WITH CREDITORS ON DEBT FINANCING PLANS
BANKERS TRUST RECRUITS TWO FOR BRAZIL CORPORATE FINANCE
Citibank's Rhodes Awarded Lifetime Achievement Award by Arab Bankers Association.
Rohm and Haas Partners with Citibank to Launch Electronic Commerce Platform in Latin America.
Cleaning house.
Student Economists Prepare To Impress The Fed; As Many as 250 High School Teams Expected to Compete in the Tenth Anniversary of The Fed Challenge.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters