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SAO PAULO, June 15 (Reuters) - Brazilian steelmaker Usiminas announced on Wednesday plans to restructure about 75 percent of its debt with banks and bondholders, extending maturities over the next 10 years with a three-year grace period to start repaying the principal.
Usinas Siderurgicas de Minas Gerais SA, as the company is formally known, said in a securities filing that the restructuring is tied to a capital injection of 1 billion reais ($287 million). Usiminas said state development bank BNDES is still weighing approval of the debt renegotiation.
$1 = 3.487 Brazilian reais Reporting by Brad Haynes and Ana Mano; Editing by Chizu Nomiyama