March 31, 2017 / 4:04 PM / a year ago

Brazil's Odebrecht O&G to honor bond payment, gets relief

SAO PAULO, March 31 (Reuters) - Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil’s Odebrecht SA , said on Friday that it will make on April 7 an interest bond payment and that a relevant group of bondholders agreed to provide the Brazilian firm with temporary cash flow relief.

The interest payment on the company’s 6.75 percent global note due in October 2022 was due on March 1. Odebrecht Óleo & Gas, which is commonly known as OOG, was making use of a so-called 30-day cure period that expired later in the day to settle the payment.

Reuters reported that the company had authorized the bond’s trustee to make the payment earlier on Friday. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)

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