OEC’s Financial Restructuring Plan is approved

On July 31, OEC signed an agreement on the restructuring of debts. With the adhesion reached by more than 60% of the bondholders, OEC investors, to the financial restructuring plan presented by the company, an agreement was signed to reduce the debt by 55% of US$ 3.3 billion. An extremely relevant sign of market confidence and which positions the construction company on a new level of financial health.

The restructuring provides for the existing debt to be cancelled and replaced by a new debt amounting to 45% of old securities. The new securities will have the same interest rates, and during the first five years after the new issue, the OEC will have the option of not paying the interest, incorporating it to the principal amount. The new maturity of the principal will be 4 years and 180 days, in addition to the original maturity of each debt series.

“The approval of the OEC’s Debt Restructuring Plan by its international creditors allows the company to continue providing the best solutions to its clients and to accelerate, always in a sustainable manner, the growth of its operations in the markets where it operates”, emphasizes Marco Siqueira, OEC Business Leader. “We are also moving forward with the deliveries of emblematic works, such as the Punta Catalina Thermal Power Plant, and with new contract achievements pointing to an increasing recognition of the quality of the new Governance structure and the Integrity System”, concludes Siqueira.