OAS discusses restructuring, share sale; noteholder proposal withdrawn

By Caroline Salls

Pittsburgh, Oct. 6 – OAS SA held restructuring and Investimentos e Participacoes em Infraestrutura SA (Invepar) share sale price talks with the legal and financial advisers of some noteholders, as well as Brookfield Asset Management Inc., according to a news release.

Specifically, the company said the noteholder advisers represent holders of OAS Investments GmbH’s 8¼% senior notes due 2019, OAS Finance Ltd.’s 8% senior notes due 2021 and OAS Finance Ltd.’s 8 7/8% perpetual notes.

OAS said a meeting related to the Invepar share price was held on Sept. 28. At this meeting, the noteholder advisers said they would be willing to support a plan of reorganization for the company under which Brookfield would purchase the Invepar shares for R$1.85 billion.

According to the release, the proposal was subject to final documentation being acceptable to the noteholders, resolution of the remaining open terms and conditions of the plan acceptable to the noteholders, the plan containing other terms provided by the noteholders and the final plan being in a form acceptable to the noteholders.

However, the company said Brookfield’s representatives indicated that Brookfield does not intend to respond to the noteholders’ proposed price at this time. As a result, the noteholders’ advisers withdrew the proposal.

OAS is a Sao Paulo-based construction company.

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