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Embraer announced a tender offer to buy back its outstanding $329.2mn 6.95% 2028s and $750mn 7% 2030s for cash. The buyback offer will be done with a revised maximum combined aggregate purchase of up to $1bn in both the notes. This comes after the company initially planned a buyback of up to $750mn in both the notes. An early tender payment of $50 will be paid on both notes if tenderd before October 3. The hypothetical total consideration will be at a price of $1,062.21 and $1,105.45 per $1,000 in principal resepctively on the 2028s and 2030s respectively. The offer will expire on October 21.
The offer for the 6.95% 2028s and 7% 2030s are made at a premium as compared to their current prices. The two bonds are currently trading at 105.2 and 109.5 cents on the dollar respectively.