CNO Seeks Debt Amendments (1)

Brazil’s Odebrecht is seeking bondholder approval to adjust terms on its $500m outstanding in 7.0% 2020 bonds issued through the Odebrecht Finance unit, it says. It is offering holders $2.50 per $1,000 principal through July 23. The proposed amendments include eliminating covenants governing debt limits, dividend payments and transactions with affiliates, as well as loosening restrictions on liens and cross-acceleration in the event of default. Deutsche Bank and Goldman Sachs are managing the offer.