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Usiminas board approves US$476mn debenture issue

Bnamericas Published: Thursday, November 29, 2012
Brazilian steelmaker Usiminas' (Bovespa: USIM5) administration board has approved the issuance of debentures worth up to 1bn reais (US$476mn), the company said in a statement. The debentures will not be convertible into shares and will mature in four to six years, the statement said. At the same meeting, board members approved the extinction of subsidiary Usiminas Portugal, following a recommendation from the company's audit committee. The approval was unanimous. Usiminas, based in Minas Gerais, is the largest fully integrated flat steel manufacturer in Latin America, with crude steel capacity of 9.5Mt/y. Usiminas also has iron ore mines, steel distribution subsidiaries and operates downstream facilities in Brazil.

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