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Movida Europe announces early tender results for sustainable notes
Chicago, June 1 – Movida Europe SA announced early tender results for its capped $375 million offer for its 5¼% sustainability-linked notes due 2031 (Cusips: 62459LAA7, L65266AA3) in a press release on Thursday morning.
By the early deadline of 5 p.m. ET on May 31, noteholders tendered $208,943,000 principal amount of their notes.
The company is paying a total consideration of $780 per $1,000 note to early tendering noteholders. The consideration includes a $30 early tender premium that is only being paid to noteholders who tendered their notes by the early deadline. Interest is also being paid.
After early settlement on June 9, there will be $468,701,000 of the $677,644,000 notes that were outstanding before the tender offer started.
The withdrawal deadline has passed.
The offer expires at 5 p.m. ET on June 15.
Settlement is expected two days after the offer expires.
Tenders may be prorated if the offer is oversubscribed.
The company will use cash on hand to pay the tender consideration.
The dealer managers for the offer are Banco Bradesco BBI SA (+55 11 2169-4528), Banco BTG Pactual SA – Cayman Branch (212 293-4600, ol-dcm@btgpactual.com), Itau BBA USA Securities, Inc. (212 710-6749), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057, +44 20 7677 5040, +852 2239 1484, debt_advisory@morganstanley.com), Santander US Capital Markets LLC (855 404-3636, 212 940-1442), UBS Securities LLC (212 713-4715) and XP Investments US LLC (646 664-0505).
D.F. King & Co., Inc. is the information and tender agent for the offer (800 628-8532, 212 269-5550, movida@dfking.com).
The notes are guaranteed by Movida Participacoes SA and Movida Locacao de Veiculos SA. Movida Europe is a finance subsidiary of Movida Participacoes.
The Sao Paulo, Brazil-based company is one of the largest rental car companies in Brazil.
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