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Bond Market News
Azul Plans Raising $700mn via Private Placement of Senior Notes
July 13, 2023
Brazilian airline Azul is planning to raise about $700mn via a private placement of 5Y senior notes as part of its restructuring plan to enhance its capital structure and liquidity, said sources. The deal is expected to be priced by end of the week, they said. Proceeds from the private placement will be used to repay debts and for other corporate purposes. This comes after Azul’s CFO Alex Malfitani said in that a bond placement would be an important milestone to strengthen its finances. Earlier last week, Bloomberg reported that Azul had hired banks to for investor calls to carry out a bond swap amid cost-cuts as part of its restructuring. Having worked on a restructuring plan since the start of 2023, Azul plans to extend some of its debt maturities and push back its amortization schedule via new bonds due 2029 and 2030 for its existing 2024s and 2026s.
Azul’s 7.25% 2026s were up 1.4 points to trade at 82.6, yielding 14.8%.
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