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Brazil’s Oi accepts $868.64 million tendered 8¾% notes due 2026
By Marisa Wong
Los Angeles, April 21 – Oi SA – In Judicial Reorganization announced the expiration and results of its tender offer to purchase for cash any and all of its $880 million outstanding 8¾% senior secured notes due 2026 (ISIN: XS2370808318).
As of the offer deadline at 5 p.m. ET on April 20, holders had tendered $868,643,000, or 98.71%, of the outstanding notes. The company has accepted for purchase all of the tendered notes, according to a company announcement on Thursday.
Settlement is expected to take place on April 26.
The company will pay $1,029.17 per $1,000 principal amount and accrued interest up to but excluding the payment 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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