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Andrade Gutierrez gets consents to extend grace period for 9˝% notes
By Taylor Fox
New York, Dec. 30 – Brazil’s Andrade Gutierrez International SA announced the expiration of its consent solicitation from holders of its $480 million 9˝% senior notes due 2024 (Cusips: 03439TAF8, L01795AD2, L01795AE0, L01795AF7) guaranteed by Andrade Gutierrez Engenharia SA and certain of its subsidiaries to amend the notes’ indenture, according to a news release.
As of the 5 p.m. ET Dec. 29 expiration, Andrade Gutierrez received the required consents from holders to extend the grace period for the interest payment due Dec. 30.
As announced on Dec. 15, the company was seeking to extend the grace period to 120 days, through April 29, from 30 days. Noteholders could also choose to extend the grace period an additional 62 days, through June 30.
On Dec. 24, the issuer amended the consent solicitation to modify the proposed grace period extension to 105 days, through April 14; to change the proposed additional extension to 45 days, through May 29; and to increase the additional consent fee to $1.50 from $1.00 per $1,000 of notes offered to holders who consent to the additional extension of the grace period.
The grace period will revert to 30 days for any interest payments on and after June 30.
The proposed amendments also prohibit the issuance of additional securities under the indenture.
The supplemental indenture will become effective immediately upon execution; however, the proposed amendments will become operative only upon payment of the applicable consent fees.
The company expects to pay the consent fee of $2.50 per $1,000 of notes, without interest, on Dec. 31.
If the issuer does not pay all amounts due on the notes by April 14, it expects to pay the additional consent fee of $1.50 per $1,000 of notes.
Citigroup Global Markets Inc. (212 723-6106, 800 558-3745, ny.liabilitymanagement@citi.com) is the solicitation agent.
Global Bondholder Services Corp. (212 430-3774, 866 470-3700, contact@gbsc-usa.com, https://www.gbsc-usa.com/andrade) is the information and tabulation agent.
Andrade Gutierrez is an engineering and construction company based in Rio de Janeiro.
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