Brazil’s Cimento Tupi won’t make interest payment on 9¾% senior notes

By Caroline Salls

Pittsburgh, June 11 – Cimento Tupi SA will not pay the $9.02 million of interest that was due May 11 on its $185 million 9¾% senior unsecured notes due 2018, according to a news release.

Under the indenture governing the notes, the company’s failure to pay interest may result in the acceleration of its payment obligations under the notes, the release said.

As previously reported, there was a 30-day grace period before the non-payment would become a default.

Tupi has hired Rothschild as its financial adviser and invited noteholders to contact that firm.

Cimento Tupi is a Rio de Janeiro-based producer, distributor and seller of cement.

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