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    Eletrobras: Eletronorte effective CEA debt renegotiation agreement

    According to the company, the agreement generates greater predictability of receipt by the subsidiary Eletronorte (Image: Reuters)

    A Eletrobras (ELET3), in addition to the relevant fact of May 11, 2021, informed this Wednesday, the 24th, in a statement to the market, that on Tuesday, the 23rd, it carried out the conditions provided for in the Debt Renegotiation Agreement with Companhia de Electricidade do Amapá (CEA), resulting from the privatization process of CEA.

    According to the company, the agreement generates greater predictability of receipt by the subsidiary Eletronorte.

    For sub-credit-A, the company will receive R$93 million in a single installment and another 23 monthly installments of R$5.5 million, plus an adjustment of CDI +2.7% per year; and for subcredit-B, R$36 million, in a single installment and another 23 monthly installments of R$2.1 million.

    In case of punctual payment or advance payment of each of the installments of the sub-credit-A, the CEA will not be obliged to pay the installment of the same number of the sub-credit-B.

    For Elvira Cavalcanti Presta, Eletrobras’ Financial and Investor Relations Director, the completion of the agreement represents an important step in the recovery and predictability of receipt of said credits by Eletronorte, which may, as there are receipts, assess the reversal of the provision, in the light of its accounting policy.

    Source From: Moneytimes

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