Odebrecht Engineering & Construction (OEC), together with part of its investors, has announced an agreement on the terms and conditions of the restructuring of its international bonds.

The transaction will significantly strengthen OEC's capital structure and, consequently, its competitiveness. After this step, all documentation will be prepared and, in parallel, the adherence of new holders to the agreement will be settled.
 
The agreed terms mainly involve the cancellation of current obligations with respect to existing bonds in exchange for: new bonds, representing 45% of the value of current ones; a participatory debt instrument that will fulfill future distributions related to OEC's performance.
 
The new bonds will have an extra four and a half years until its maturity, starting from the completion of the documentation, and will maintain the same current interest rates. In the first 5 years, the company will have the option to capitalize such interests, in its entirety or in part.
 
“The agreement represents a significant step forward for OEC, providing strong evidence to our teams, the market and external partners that we are on track to resume the company's financial solidity,” said Fabio Januário, president of OEC.