Link: Brazilian pulp firm Fibria drops controversial covenant language
(New York, Jan 11) Brazilian pulp and paper company Fibria dropped controversial language on a 10-year Green bond on Wednesday amid strong investor pushback, sources told IFR.
Fibria was one of several companies this week to drop the aggressive terms, which make it easier for borrowers to breach covenants without offering investors compensation.
Fibria’s Treasurer Marcelo Habibe told IFR that lawyers had suggested including the new language as part of the “natural process of improvement in the documentation for investment grade companies.”
To read complete article Go To: Brazil’s Fibria drops controversial covenant language (Source: Reuters)