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Eletrobras says Eletropaulo to pay it $430 mln to settle debt

SAO PAULO, March 9 (Reuters) - Brazil's state-controlled power company Centrais Elétricas Brasileiras SA said on Friday that Eletropaulo, Brazil's largest power distribution company, has agreed to pay it 1.4 billion reais ($429.8 million) to settle a debt.

According to a securities filing, Eletropaulo, which has U.S. company AES Corp as its second largest shareholder, will pay Eletrobras 250 million reais as soon as the agreement is formalized at a Brazilian court. It will pay the remaining 1.15 billion reais in parcels in the next three years. ($1 = 3.2573 reais) (Reporting by Marcelo Teixeira; editing by Diane Craft)