OSX CN, CAIXA Renew Bridge Loan for UCN Acu

OSX CN, CAIXA Renew Bridge Loan for UCN Acu

OSX Construção Naval S.A. (OSX CN), a subsidiary of OSX Brasil S.A., a Brazilian provider of equipment and services to the offshore oil and natural gas industry, and Caixa Econômica Federal (CAIXA) concluded the amendment to the bridge loan financing contract for the implementation of the Açu Shipbuilding Unit (UCN Acu), in the amount of approx $202 million for 12 months from its original maturity, that is, October 19, 2013.

The bank guarantee for this loan, issued by Banco Santander S.A., was also amended for the same period.

As already mentioned by OSX on October 16, 2013, the similar bridge loan financing contract celebrated with Banco Nacional de Desenvolvimento Econômico e Social – BNDES had its maturity extended on October 15, 2013 for 30 days. The bank guarantee for this loan was issued by Banco Votorantim S.A. (Votorantim).

OSX CN celebrated with both guarantors, Santander and Votorantim, standstill agreements, valid up to October 2014, which include clauses on the possible exercise of the legal right to judicial recovery.

The adequacy of OSX indebtedness profile aiming at the development of its projects (short, medium and/or long term needs) is part of the Company financial management routine.


Press Release, November 6, 2013