Brazilian flats steelmaker Usiminas said this week it completed the settlement of $750 million in debt notes, as part of an agreement it reached with creditors to renegotiate existing debt.
Usiminas said the debt notes were offered with a coupon (interest) of 5.8 percent per year, and were issued at a price of 98.5 percent the principal amount, with a yield of 6.1 percent annually. The debt notes are due on July 18, 2026.
As previously reported by SteelOrbis, the company will use the proceedings to pay BNDES, a creditor and Brazil’s local development bank, in full.
It will also use the money to pay Japanese creditors in full. Those include the Japan Bank for International Cooperation (JBIC), Nippon Usiminas Co, Mizuho Bank Ltd, as well as other unnamed Japanese creditors.