Banks to extend loan to Brazil power sector at higher rates
SAO PAULO, March 19 (Reuters) - A group of commercial lenders in Brazil extended 3.4 billion reais ($1.04 billion) in a loan to Brazil's ailing power distribution sector at higher borrowing costs, the president of the industry clearinghouse CCEE said on Thursday.
Banks will charge an interest rate equivalent to 3.15 percentage points above the benchmark CDI interbank interest rate for the 4-1/2 year credit facility, said Luiz Eduardo Barata, president of CCEE. Banks also increased the interest rate on a loan facility extended last year to 2.9 percent plus the CDI from a prior 2.35 percent, he added. (Editing by Chris Reese)
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