April 27, 2018 / 5:31 PM / 23 days ago

Brazil's Andrade Gutierrez in talks with Pimco for loan to pay bond -report

SAO PAULO, April 27 (Reuters) - Brazilian conglomerate Andrade Gutierrez SA is in talks with global investment management firm Pacific Investment Management Co for a $500 million loan to pay bonds due next week, newspaper Valor Economico reported on Friday.

According to the paper, which did not say how it got the information, most of the loan extended by Pimco, as the U.S.-based asset manager is known, will be used to pay $325 million bond payments due next week. The rest will be used to pay short term debt owed to Brazilian lenders.

Andrade, one of the conglomerates ensnared in Brazil’s largest ever corruption probe, is offering to Pimco as loan collateral shares in tollroad company CCR SA, in which it has a 14.9 percent stake.

Andrade and Pimco did not immediately respond to requests for comment. (Reporting by Tatiana Bautzer and Carolina Mandl; Editing by Richard Chang)

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