July 6, 2020 / 6:37 PM / a month ago

Ecuador says debt deal would cut capital payments, extend maturities

QUITO, July 6 (Reuters) - Ecuador’s finance ministry said on Monday that a deal it reached with bondholders to renegotiate the South American country’s debt would cut outstanding capital payments and extend maturities on the country’s bonds.

In a presentation shown to reporters, the cash-strapped country’s government said the deal with institutional holders of its roughly $17.4 billion in outstanding sovereign bonds would include a 5-year grace period on principal payments and a 2-year grace period on all but $79 million of interest payments.

Reporting by Alexandra Valencia in Quito Writing by Luc Cohen; Editing by Chizu Nomiyama

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