"Brazil's EBX Group successfully concluded on Wednesday a debt refinancing deal with Abu Dhabi's sovereign wealth fund in a major step toward shoring up billionaire Eike Batista's conglomerate, EBX said.
A source with direct knowledge of the EBX-Mubadala accord told Reuters last week that the agreement will cut EBX's debt with the Abu Dhabi fund, Mubadala Development Co, by more than 25 percent to between $1.6 billion and $1.7 billion. The debt was valued at $2.3 billion recently, the source said.
Under terms of the refinancing accord, EBX repaid a "significant part of Mubadala's initial investment" and reworked contractual aspects, giving Mubadala an additional cushion on its investment in EBX, the company, based in Rio de Janeiro, said."
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