Azul(AZUL) Prnewswire·2025-01-22 12:00Core Viewpoint - Azul S.A. has successfully completed its exchange offers for existing senior secured notes, with a high percentage of participation from eligible holders, indicating strong investor confidence in the company's financial restructuring efforts [1][3]. Exchange Offers - The exchange offers involved the existing 11.500% Senior Secured Second Out Notes due 2029 and 10.875% Senior Secured Second Out Notes due 2030, which were exchanged for newly issued notes of the same interest rates and due dates [1]. - The expiration deadline for the exchange offers was set at 5:00 p.m. New York City time on January 21, 2025 [2]. Participation Rates - As of the expiration deadline, 98.02% of the Existing 2029 Notes and 94.51% of the Existing 2030 Notes were validly tendered for exchange, with a combined participation rate of 95.55% for both series [3]. Conditions for Completion - The completion of the exchange offers was subject to certain conditions, including the valid tendering of at least 66.67% of each series and 95% of both series combined, which were met [3]. - Additional conditions included amendments to the indenture governing convertible debentures and the issuance of at least $500 million in aggregate principal amount of Superpriority Notes [3]. Settlement Expectations - Azul expects to settle the exchange offers promptly and will announce the settlement date in due course [4]. - On the settlement date, eligible holders will receive accrued and unpaid interest in the form of additional principal amount of the new notes issued [5]. Proposed Amendments - The issuer has received sufficient consents to effect proposed amendments to the terms of the existing notes, and a supplemental indenture will be executed on the settlement date [6]. Company Overview - Azul S.A. is the largest airline in Brazil, operating over 1,000 daily flights to more than 160 destinations with a fleet of over 180 aircraft [14].