Atento renews tender offer for $500 million 6 1/8% notes due 2022

By Taylor Fox

New York, Feb. 2 – Atento SA announced that wholly owned subsidiary Atento Luxco 1 has begun a new any-and-all cash tender offer for its $500 million outstanding 6 1/8% senior secured notes due 2022 (Cusip: 04684LAA6, L0427PAA4, L0427PAB2), according to a news release.

As previously reported, the company postponed a previous cash tender offer due to unfavorable market conditions in October.

The new offer began on Feb. 2 and expires at 11:59 p.m. ET on March 2.

The issuer is offering a total consideration of $1,015.31 per $1,000 principal amount, which includes an early tender payment of $30 per $1,000 of notes tendered by 5 p.m. ET on Feb. 16, the early tender time.

Holders tendering after the early tender time will only be eligible to receive the tender offer consideration of $985.31 per $1,000 principal a mount.

The company will also pay accrued interest to but excluding the applicable settlement date.

Payment for early tendered notes is expected to be on Feb. 17, and final settlement is expected to be on March 3.

Tenders may be withdrawn at any time prior to 5 p.m. ET on Feb. 16.

All notes tendered at or prior to the early tender time will have priority over notes tendered after the early tender time.

The tender offer is subject to some conditions, including the issuer generating proceeds from a concurrent offering of senior notes in an amount sufficient to fund the tender offer.

On Tuesday Atento announced that it launched a new secured note offering. Proceeds from the new notes offering will be used, with cash on hand, to finance the tender offer.

Banco BTG Pactual SA – Cayman Branch (212 293-4600), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452), Itau BBA USA Securities, Inc. (212 710-6749) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are dealer managers for the tender offer.

Ipreo LLC (212 849-3880 for bankers and brokers or 888 593-9546 for all others, ipreo-tenderoffer@ihsmarkit.com) is information agent and tender agent.

Luxembourg-based Atento is a provider of customer relationship management and business process outsourcing services in Latin America.

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