SAO PAULO, Oct 28 (Reuters) - Azul has reached a deal with its existing group of bondholders to obtain additional financing, the Brazilian airline said on Monday, as part of restructuring it expects to ease market concerns about its high debt load.
Under the deal, the carrier said in a securities filing, Azul will receive $150 million this week and another $250 million by year-end, totaling the $400 million it had been targeting.
The agreement, Azul added, may include another $100 million in financing and a potential debt-for-equity swap of as much as $800 million if the company manages to further improve its cash flow, reducing costs by around $100 million per year.
(Reporting by Gabriel Araujo; editing by Jason Neely)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))
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