Brazil’s Hidrovias launches tender offer for 5.95% notes due 2025

Chicago, Jan. 20 – Hidrovias International Finance Sarl, a subsidiary of Hidrovias do Brasil SA, launched a tender offer on Wednesday evening for any and all of its $575.2 million outstanding 5.95% notes due 2025 (ISINs: US42953LAA08, USL48008AA19), according to a press release.

Hidrovias is offering $1,011.25 per $1,000 principal amount in the offer.

Early tendering noteholders will also receive an early tender payment of $50 for a total consideration of $1,061.25 per note.

The company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and certain events of default and permit pricing and settlement of a financing transaction before the settlement date of the tender offer.

Noteholders representing more than half of the aggregate amount of the notes outstanding must give their consents for the amendments to be given effect.

Noteholders who tender their notes will be deemed to have given their consent. No consents without tenders will be received.

Should tendering noteholders also wish to subscribe for new notes of the proposed financing transaction, they can obtain an allocation identifier code to submit. Preference will not be given for tenders with allocation identifier codes.

Details

The early tender time is 5 p.m. ET on Feb. 2.

The tender offer and consent solicitation expire at 11:59 p.m. ET on Feb. 17.

D.F. King & Co., Inc. is the tender and information agent for tender offer and the consent solicitation (877 732 3617, hbsa@dfking.com).

Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749), J.P. Morgan Securities LLC (866 834-4666, 212 834-4087), BofA Securities, Inc. (888 292-0070, 646 855-8988, Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are dealer managers and solicitation agents in connection with the tender offer and consent solicitation.

Based in Sao Paulo, Hidrovias is the largest inland waterway services company in Brazil.

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