Globo to repay $300 million-plus of restructured bonds

New York, Nov. 1 - Globo Comunicação e Participações SA said it will repay more than $300 million of its restructured bonds on Nov. 20.

Funding will come from operating cash flow and R$ 39 million of asset sales earlier in the year. The debt service reserve account for the bonds will remain at its maximum amount of $110 million.

Globo will repay $11.8 million of its series A bonds, R$ 9.2 million of its series A2 bonds, $154.8 million of its series B bonds and $146.0 million of its series C bonds.

"This prepayment is an important step toward our objective of deleveraging the company," said Roberto Irineu Marinho, president of Globo, in a news release.

"Therefore, we will end this year with more than $600 million of debt reduction. This achievement was possible due to the resources generated over the years of negotiation and due to the company's performance in the favorable economic environment which has had a positive impact on advertising market and on the foreign exchange rate".

Rio de Janeiro-based Globo Comunicação e Participações was formed from the merger of TV Globo Ltda. with Globo Comunicações e Participações SA -Globopar.

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