Azul Commences Exchange Offers for 2029, 2030 Senior Notes

MT Newswires Live

Dec 18, 2024

Azul (AZUL) said late Tuesday its Azul Secured Finance subsidiary has commenced offers to exchange its outstanding 11.500% senior secured second out notes due 2029 and 10.875% senior secured second out notes due 2030.

The company is looking to exchange the existing notes for newly issued notes that carry the same interest rates and maturity.

In addition to the exchange, Azul is conducting consent solicitations from holders of the existing 2029 and 2030 notes to approve proposed amendments to "eliminate substantially all of the restrictive covenants, events of default and related provisions," while releasing the collateral securing the notes, the company said.

Azul said it has also entered into an agreement with an ad hoc group of noteholders, holding over 66.67% of each series of the existing notes, to participate in the exchange and consent solicitation process.

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