NII Holdings Defers Debt Payments
Wednesday, November 01, 2017 | Comments

NII Holdings’ Brazilian operating subsidiary, Nextel Telecomunicações, signed amendments to its loan agreements with the China Development Bank, Banco do Brazil and Caixa Econômica Federal.

Among other changes, the amendments provide for the deferral of substantially all principal payments for the first 48 months from the date of effectiveness and a holiday for certain financial covenant compliance, including the net debt financial covenant, until June 30, 2020. When the amendments are effective, Nextel Brazil will be subject to minimum cash and minimum receivable requirements.

"The signing of the amendments marks a significant milestone in our efforts to improve our financial outlook and liquidity and will enable us to continue to invest in and grow our business in Brazil," said Dan Freiman, chief financial officer (CFO) of NII Holdings. “We are actively working to obtain the final approvals necessary for the amendments to become effective.”

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