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Brazil’s Andrade Gutierrez extends consent solicitation on 9˝% notes
By Taylor Fox
New York, Dec. 23 – Andrade Gutierrez International SA extended its solicitation of consents from holders of its $480 million of 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.
The consent solicitation was extended to 5 p.m. ET Dec. 29 from 5 p.m. ET Dec. 22.
As previously reported, the amendments would extend the grace period on interest due Dec. 30 to 120 days from 30 days. Noteholders may also choose to extend the grace period an additional 62 days through June 30, 2021.
The consent fee is $1.50 per $1,000 principal amount of notes for holders who vote to extend the grace period to 120 days, with an additional $1.00 per $1,000 principal amount for holders who vote to extend the grace period through June 30, 2021.
Holders who have previously delivered consents do not need to redeliver those consents or take any other action in response to the extension in order to receive the consent fee upon the successful conclusion of the consent solicitation.
Noteholders representing a majority of the outstanding principal of the notes must deliver their consents for the amendments to pass. If passed, the amendments will not take effect until holders are paid the consent fee. Consent fees will not be paid unless the required consents are received.
Settlement is expected within two business days of the expiration.
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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