November 26, 2018 / 12:38 PM / 20 days ago

UPDATE 2-Brazil's Odebrecht hires Moelis, Cleary Gottlieb to restructure debt

(Adds S&P downgrade, bonds price)

SAO PAULO, Nov 26 (Reuters) - Brazilian conglomerate Odebrecht SA has hired investment bank Moelis & Co. and law firm Cleary Gottlieb Steen & Hamilton to discuss restructuring of its debt with investors, the company said in a statement on Monday.

Odebrecht’s engineering unit OEC and its advisers will discuss with investors restructuring of $3 billion bonds issued by Odebrecht Finance Limited. The conglomerate decided not to pay $11.5 million in interest on the 2025 bonds after the end of the 30-day grace period, the statement added.

Odebrecht Finance 2025 bonds were priced at 13.5 cents on the dollar on Monday, according to Refinitiv data. Standard & Poor’s downgraded OEC from “C” to “D” after the announcement of the debt restructuring.

Reporting by Tatiana Bautzer Editing by Susan Thomas

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