SAO PAULO - Editora Abril SA, the largest private publishing house in Brazil, closed a $20 million interest rate swap with Chase Manhattan Corp.'s Brazilian subsidiary.

The operation consolidated six loans held by different Abril Group subsidiaries into a single swap deal, moving from floating to fixed interest rates.

"It is much easier than controlling six different loans with different rates and settlements," said Abril's financial director, Claudio D'Emilio.

Altamir de Lima, Chase director of corporate affairs, said yields were equivalent to the three-year U.S. Treasury bill, currently about 4.6%.

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