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Material Fact - Performance of Bank-Issued Guarantees Given in Connection with the Bridge Loan Taken out by Concebra from the BNDES

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MATERIAL FACT

PERFORMANCE OF BANK-ISSUED GUARANTEES GIVEN IN CONNECTION WITH THE BRIDGE LOAN TAKEN OUT BY CONCEBRA FROM THE BNDES
São Paulo, January 4, 2016 Triunfo Participações e Investimentos S.A. (“Triunfo” or "Company") informs its shareholders and the general market that it was informed by Banco do Brasil S.A. (“Banco do Brasil”) and Minas Gerais Development Bank (“BDMG”) that they received notifications from the Brazilian Development Bank (“BNDES”) instructing them to honor their respective bank-issued guarantees given to the BNDES in connection with the bridge loan taken out from the BNDES by the Company’s subsidiary Concessionária das Rodovias Centrais do Brasil S.A. ("Bridge Loan" and “Concebra”).  
 
Said Bridge Loan worth approximately R$690 million was disbursed by the BNDES in June 2014, and expired on December 15, 2016. The amount of the bridge loan restated in September 2016 was R$796.4 million. The monthly interest for October, November and December, 2016, was paid by Concebra.
 
The Bridge Loan is secured by a bank-issued guarantee given by Banco do Brasil in the principal amount of R$100.0 million (plus the compensation provided for in the Bridge Loan) and by BDMG in the principal amount of R$60.0 million (plus compensation provided for in the Bridge Loan) and by a suretyship given by Triunfo. The bank-issued guarantees given by Banco do Brasil and BDMG are, in turn, guaranteed by the fiduciary assignment of receivables granted by Concebra, the fiduciary sale of shares issued by Concebra and a suretyship given by Triunfo. 
 
The bridge loan would be repaid using a portion of the funds from the long-term loan in the aggregate amount of R$3.6 billion, which already was approved by the executive board of the BNDES in February 2016. However, the agreement with BNDES has yet to be signed and the Bridge Loan has not been disbursed to date. The Company is evaluating the measures to be taken and will keep the market duly informed of the matters discussed in this Material Fact.
 
Click here for the PDF file.
 
 

 

4 January 2017