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Movida Europe starts capped tender offer for sustainability-linked notes
Chicago, May 17 – Movida Europe SA started a capped tender offer for up to $375 million principal amount of its 5¼% sustainability-linked notes due 2031 (Cusips: 62459LAA7, L65266AA3), according to a press release.
There are currently $677,644,000 of the notes outstanding.
The notes are guaranteed by Movida Participacoes SA and Movida Locacao de Veiculos SA. Movida Europe is a finance subsidiary of Movida Participacoes.
The company is offering a total consideration of $780 per $1,000 note, inclusive of a $30 early tender premium that will not be paid to noteholders who tender after the early deadline. In addition, accrued interest will be paid.
The early deadline will be 5 p.m. ET on May 31, also the withdrawal deadline.
The offer will expire at 5 p.m. ET on June 15.
Movida may elect to purchase the notes three days after the early tender deadline. If not, all of the notes will be purchased approximately two days after the expiration date.
Tenders may be prorated.
The company will use cash on hand to pay the tender consideration.
The dealer managers for the offer are Banco Bradesco BBI SA (+55 11 2169-4528), Banco BTG Pactual SA – Cayman Branch (212 293-4600, ol-dcm@btgpactual.com), Itau BBA USA Securities, Inc. (212 710-6749), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057, +44 207 677 5040, +852 2239 1484, debt_advisory@morganstanley.com), Santander US Capital Markets LLC (855 404-3636, 212 940-1442), UBS Securities LLC (212 713-4715) and XP Investments US LLC (646 664-0505).
D.F. King & Co., Inc. is the information and tender agent for the offer (800 628-8532, 212 269-5550, movida@dfking.com).
The Sao Paulo, Brazil-based company is one of the largest rental car companies in Brazil.
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