January 11, 2017 / 5:26 PM / in 2 years

Brazil's Fibria drops controversial covenant language on bond

NEW YORK, Jan 11 (IFR) - Brazilian pulp and paper company Fibria has dropped controversial language on a 10-year bond amid investor pushback, sources told IFR.

Fibria is one of several companies that have included new aggressive terms in bonds, making it easier for borrowers to breach covenants without offering compensation to investors, according to Covenant Review.

The US$700m Fibria deal has launched and is due to price later on Wednesday. (Reporting by Paul Kilby; Editing by Natalie Harrison)

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