Oi soliciting consents to amend 10%/12% PIK notes due 2025

By Taylor Fox

New York, Feb. 19 – Oi SA is soliciting consents from holders of its 10%/12% senior PIK toggle notes due 2025 to adopt certain amendments, according to a news release.

The company is seeking amendments which would ensure the operational viability, greater financial flexibility and efficiency and the sustainability of the company’s business by implementing its strategic plan and creating value for all of its stakeholders.

In order to execute and deliver the supplemental indenture, the company must receive consents from the holders as of the record date representing at least a majority of the principal amount outstanding of the notes.

Holders of record as of 5 p.m. ET on March 4 are entitled to consent to the amendments.

The consent solicitation will expire at 5 p.m. ET on March 4.

D.F. King & Co., Inc. (212 269-5550, 877 761-651; oi@dfking.com) is the information agent, and BofA Securities, Inc. (888 292-0070, 646 855-8988) is the solicitation agent.

Oi is an integrated telecommunication service provider based in Brazil.

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