Brazil’s Oi adjusts terms of consent solicitation for 10%/12% PIK notes

By Rebecca Melvin

New York, March 23 – Oi SA has amended the consent solicitation regarding its 10%/12% senior PIK toggle notes due 2025 that began on Feb. 18 to include improvements that resulted from comments, discussions and negotiations with certain holders.

The expiration date, revocation deadline and record date of the consent solicitation remains 5 p.m. ET on March 25, according to the company’s new release.

The specific adjustments were not outlined in the news release.

The notes were issued to adopt proposed amendments to the New York law indenture, dated July 27, 2018. Oi is seeking proposed amendments to align provisions of the New York indenture with terms of an amendment to the judicial reorganization plan, approved by creditors on Sept. 8, 2020 and ratified by the 7th Corporate Court of the Judicial District of the State Capital of Rio de Janeiro on Oct. 5, 2020.

The plan is intended to ensure operational viability and sustainability of the company’s business as it reorganizes.

BofA Securities Inc. (888 292-0070, 646 855-8988) is solicitation agent, and D.F. King & Co. Inc. (212 269-5550, 877 761-6521) is information agent of the consent solicitation.

The telecommunications service provider is based in Rio de Janeiro.

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