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Brazil’s Oi offers cash for $880 million 8¾% secured notes due 2026
By Rebecca Melvin
Concord, N.H., April 13 – Oi SA - In Judicial Reorganization commenced a tender offer on Monday to purchase for cash any and all of its $880 million outstanding 8¾% senior secured notes due 2026 (ISIN: XS2370808318), according to a company news release.
The tender offer is being made by the company in accordance with its obligations under the notes’ indenture dated July 30, 2021.
The company is offering to pay $1,029.17 per $1,000 principal amount of notes and accrued interest up to but excluding the payment date.
The offer will expire at 5 p.m. ET on April 20. Holders may not withdraw validly tendered notes after that date.
The tender offer is conditioned on the sale of one or more entities constituting UPI Moveable Assets and the use of the net cash proceeds of such sale to purchase the notes. The company’s obligation to purchase notes is also conditioned on the satisfaction or waiver of other conditions described in the April 13 offer to purchase.
Global Bondholder Services Corp. (212 430-3774; 855 654-2015; contact@gbsc-usa.com; https://www.gbsc-usa.com/oi) is the information agent for the tender offer.
The telecommunications service provider is based in Rio de Janeiro.
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