Globo to repay $70 million of bonds

New York, Feb. 22 - Globo Comunicação e Participações SA said it will prepay $70 million of its outstanding bonds on March 20.

Funding will come from operating cash flow along with R$ 89 million from asset sales, including the proceeds of Net Serviços de Comunicação SA's previously announced capital increase.

The following debt will be repaid, with the reductions to be made pro rata:

• Series A1: $2.522 million of principal and $32,000 of interest;

• Series A2: R$ 2.396 million of principal and R$ 63,000 of interest;

• Series B: $33.639 million of principal and $413,000 of interest; and

• Series C: $31.782 million of principal and $544,000 of interest.

Globo noted that the debt service reserve will remain at its maximum level of $110 million.

Globo is a Rio de Janeiro, Brazil, media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.