Brazil's Rossi Residencial SA restructured its approximately 256.0 million-real loan with Banco do Brasil SA to settle about 35% of its outstanding balance over the next three years.
The development and construction company said it plans to fund the settlement using proceeds from sale of the properties already used as guarantees.
Rossi agreed with the bank to settle the remaining nearly 65% of its outstanding amount over the next ten years, with a grace period of two years for the payment of principal and interest.
As of June 5, US$1 was equivalent to 3.76 reais.
