Brazil’s Oi receives required consents to amend 10%/12% PIK notes

Chicago, May 6 – Brazil’s Oi SA – In Judicial Reorganization received sufficient consents to amend the indenture governing its 10%/12% senior PIK toggle notes due 2025, according to a company announcement.

The company was seeking to align the terms of the indenture with the terms of amendment to the judicial reorganization plan, approved and ratified in September and October of last year, respectively.

The amendments also improve the indenture from a covenant standpoint after discussions and negotiations with noteholders.

The company received consents from noteholders holding a majority of the $1,653,557,000 outstanding notes.

The notes were originally issued on July 27, 2018.

The consent solicitation expired at 5 p.m. ET on May 5.

The supplemental indenture was promptly executed.

BofA Securities, Inc. (888 292-0070 or 646 855-8988) is the solicitation agent, and D.F. King & Co. Inc. (212 269-5550 or 877 761-6521, oi@dfking.com) is the information agent for the consent solicitation.

The telecommunication service provider is based in Rio de Janeiro.

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