USIMINAS SAYS THAT BOARD APPROVED DEBT RENEGOTIATION AND THAT STATE DEVELOPMENT BANK AGREED WITH THE DEAL

Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA on Thursday said its board unanimously approved the terms of a debt renegotiation deal with banks and bondholders.

Usiminas added in a statement that state development bank BNDES agreed with the terms of the deal. Usiminas, Brazil's largest listed flat steelmaker, will refinance about 5.4 billion reais ($1.6 billion) in loans and local notes.