Empresa OAS anuncia renegociação de sua dívida.
A empresa OAS anunciou que não pagará o coupon de
um bond cuja data de vencimento era na semana passada, o que
irá caracterizar um default após o grace period de 30 dias. A empresa é um dos maiores conglomerados do país. O evento certamente terá
repercussões negativas de crescimento e para as demais empresas do país. Será
uma tarefa árdua para empresas locais que precisam captar recursos no exterior
este começo de ano. Certamente é mais um vetor negativo para a economia e para
a bolsa local.
Brazil’s OAS Misses Bond Payment, Prompting Fitch to Cut Rating
By Boris Korby and Christiana Sciaudone
(Bloomberg) -- Brazilian construction company OAS SA said
it will sell assets to boost liquidity after missing a bond
payment and getting a ratings cut.
“Because of the difficulties in accessing credit markets,
OAS is in discussions with some of its main creditors for an
organized financial restructuring,” the company said today in
an e-mailed response to questions. “OAS Finance Ltd., a
subsidiary of OAS SA, didn’t make the bond payment to preserve
liquidity and continue operations.”
OAS had its credit grade cut seven levels to C by Fitch
Ratings after missing a $16 million interest payment yesterday
on dollar-denominated bonds.
The company’s $400 million of securities due 2021 have
plunged to 33 cents on the dollar from more than 90 cents in
November amid a probe into builders that allegedly bribed state-
run oil producer Petroleo Brasileiro SA to obtain contracts.
While OAS has a 30-day grace period to make the interest
payment, the company is likely to miss principal and interest
due on Brazilian bonds next week, which may lead to default,
according to Fitch. OAS, which is having trouble accessing
credit lines and receiving payments from clients, has chosen to
preserve cash as it seeks to remain operational, the rating
company said.
“The company will have the challenge to renegotiate new
terms and conditions of the payments with several debtholders,”
Fitch analysts led by Alexandre Garcia said in a report.
“Disappointments in negotiating with creditors could lead the
company to file for bankruptcy protection. OAS also mentioned
its intention to explore the sale of certain assets in its
portfolio.”
OAS has hired G5 Evercore as a financial adviser and Mattos
Filho Advogados and White & Case LLP as legal advisers to help
with the restructuring.
Among the projects that OAS is working on are the Sao Paulo
international airport in Guarulhos and the Belo Monte hydropower
plant, which will be the world’s third-largest dam.
By Boris Korby and Christiana Sciaudone
(Bloomberg) -- Brazilian construction company OAS SA said
it will sell assets to boost liquidity after missing a bond
payment and getting a ratings cut.
“Because of the difficulties in accessing credit markets,
OAS is in discussions with some of its main creditors for an
organized financial restructuring,” the company said today in
an e-mailed response to questions. “OAS Finance Ltd., a
subsidiary of OAS SA, didn’t make the bond payment to preserve
liquidity and continue operations.”
OAS had its credit grade cut seven levels to C by Fitch
Ratings after missing a $16 million interest payment yesterday
on dollar-denominated bonds.
The company’s $400 million of securities due 2021 have
plunged to 33 cents on the dollar from more than 90 cents in
November amid a probe into builders that allegedly bribed state-
run oil producer Petroleo Brasileiro SA to obtain contracts.
While OAS has a 30-day grace period to make the interest
payment, the company is likely to miss principal and interest
due on Brazilian bonds next week, which may lead to default,
according to Fitch. OAS, which is having trouble accessing
credit lines and receiving payments from clients, has chosen to
preserve cash as it seeks to remain operational, the rating
company said.
“The company will have the challenge to renegotiate new
terms and conditions of the payments with several debtholders,”
Fitch analysts led by Alexandre Garcia said in a report.
“Disappointments in negotiating with creditors could lead the
company to file for bankruptcy protection. OAS also mentioned
its intention to explore the sale of certain assets in its
portfolio.”
OAS has hired G5 Evercore as a financial adviser and Mattos
Filho Advogados and White & Case LLP as legal advisers to help
with the restructuring.
Among the projects that OAS is working on are the Sao Paulo
international airport in Guarulhos and the Belo Monte hydropower
plant, which will be the world’s third-largest dam.
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