OSX Brasil S.A. (OSX), a Brazilian publicly held corporation, today announced that it was informed by Banco Votorantim S.A. (Votorantim) that Votorantim honored the guarantee letter from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) related to the execution of the bank guarantee for the bridge loan taken by the subsidiary OSX Construção Naval S.A. (OSX CN).
In December 2011, OSX CN OSX obtained a R$ 427.8 million bridge loan from BNDES (equivalent to US$ 227.96 million), to finance the construction of UCN Açu.
In early November 2013, OSX CN celebrated with Votorantim a standstill agreement, valid up to October 2014, including clauses on the exercise of the Company´s legal right to judicial recovery.
The construction works of the UCN Açu began in July 2011, in the Açu Superport Industrial Complex, in northern of Rio de Janeiro. UCN represents a total investment of US$1.7 billion and is located near major steel and thermal power plants, 150 km away from the Campos Basin, the major oil producing region in Brazil, accounting for 75% of the country´s production.
Source: , November 20, 2013