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Azul’s mandatory repurchase offer for 11½% notes oversubscribed
By Mary-Katherine Stinson
Lexington, Ky., Aug. 17 – Azul SA’s wholly owned subsidiary, Azul Secured Finance LLP, announced the results of its oversubscribed mandatory repurchase offer for up to $55,900,850 principal amount of the issuer’s 11½% senior secured second-out notes due 2029 (Cusips: 05501WAA0, U0551YAA3), according to a press release.
At the offer’s launch on July 20, $294,215,000 of the notes were outstanding, as previously reported.
As of the expiration deadline of 11:59 p.m. ET on Aug. 16, noteholders had tendered $285,132,000 in principal amount of the notes, which exceeded the maximum repurchase amount.
The issuer expects to accept for purchase $55,900,850 total principal amount of the tendered notes at a proration factor of approximately 19.6%.
After settlement, $238,314,150 aggregate principal amount of the notes will remain outstanding.
At the offer’s launch, Azul was offering to purchase the notes at par, plus interest from July 14 to the repurchase date.
The offer was open to registered holders. Tenders were required to be in minimum denominations of $175,000 and noteholders who tendered only a partial amount of their notes must be left with $175,000 of their notes still outstanding after the offer. Noteholders were also allowed to tender all of their notes.
The repurchase date is expected to be Aug. 18, two business days after the expiration deadline.
Global Bondholders Services Corp. is the tender and information agent (212 430-3774, 855 654-2014).
Azul is a Sao Paulo, Brazil-based airline.
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