Odebrecht Finance misses interest payment on 4 3/8% notes due 2025

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Odebrecht Finance Ltd. failed to make an interest payment on its $550 million 4 3/8% senior notes due 2025, according to a notice of default.

The coupon payment was due Oct. 25, but as of that day funds had not been received by the paying agent or trustee for the notes.

An event of default will occur if the failure to pay continues for a period of 30 days, according to the notice.

Bank of New York Mellon is the trustee.

The issuer is a Cayman Islands-based subsidiary of Odebrecht Engenharia e Construcao SA, a construction engineering company based in Rio de Janeiro.

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