aracruz2000

527 of their face value and reissued at 10475 of face

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Unformatted text preview: withholding tax. However, should the instruments be redeemed prior to their original final maturities, the Company will be obligated to pay such tax on both past and future payments at rates from 12.5% through 15%, depending upon the country to which such payments are remitted. In November 1994, the Company, through Aracruz Trading S.A. entered into a U.S.$ 100 million Euro-Commercial Paper program, guaranteed by the Company, with maturities through 1997 and with interest negotiated as each tranche is released. The Company has drawn down and repaid several tranches under this program. On September 2, 1998, renewal of this 26 Aracruz Celulose S.A. Notes to Consolidated Financial Statements Expressed in thousands of United States dollars (unless otherwise stated) program was approved by the Brazilian Central Bank for a 3-year term, in conjunction with an increase in the amount from U.S.$ 100 million to U.S.$ 200 million. The Company did not draw down on this facility during 2000. In February 1995, the Company, through Aracruz Trading S.A., signed a financing agreement with a special-purpose entity (SPE) under which such entity received from a trust and advanced to the Company, as a first phase of a U...
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