June 23, 2017 / 12:15 PM / in a year

Brazil's Usiminas suspends debt swap due to market conditions

SAO PAULO, June 23 (Reuters) - Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA said on Friday it had suspended a planned debt swap due to unfavorable market conditions and was negotiating with creditors to cancel the operation.

Brazilian banks have agreed on a preliminary basis to waive the exchange offer involving debt expiring in 2018 that was issued by the subsidiary Usiminas Commercial Ltd, according to a securities filing. The steelmaker said it is negotiating with Japanese banks and other bondholders to waive the operation, which was a condition of a debt renegotiation in September. (Reporting by Brad Haynes; Editing by Chizu Nomiyama)

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