The new debentures will yield 120 percent of the Brazilian CDI interbank rate (approximately 7.68 percent per annum in BRL), implying a 12 percent of CDI reduction in the cost of debt, with quarterly interest payments of approximately BRL 17 million and semi-annual principal payments of approximately BRL 148 million, with the final principal amortization to be made on September 28, 2021
The new project completion schedule was likewise extended from November 28, 2017, to September 28, 2021
. The JRMP, which costs R11.21 billion, involves the construction of dam and irrigation facilities, including a high dam and reservoir with afterbay and catch dams in Iloilo and its neighboring towns.
The new project completion schedule was extended from November 28, 2017, to September 28, 2021
The 10-year benchmark bonds will mature on September 28, 2021
. Deutsche Bank AG (NYSE: DB) (DBK.DE) and JP Morgan (NYSE: JPM) have served as lead managers on the transaction.