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The Brazilian airline Blue successfully emerged from its restructuring process under Chapter 11 of the USA.
AZUL S.A. (B3: AZUL54; OTC: AZULQ) (“Blue” or the “Company”), the largest airline in Brazil in terms of cities served and direct domestic routes, today announced the successful pricing of its exit financing offering (the “Offer”). The resulting funds will be used to settle the outstanding principal of the debt-in-possession financing (DIP) of the Company. The remaining funds will be allocated to the implementation of the Reorganization Plan of Blue and for other corporate purposes.
Blue leaves the Chapter 11
The Company requested a private offering of US$1,375 million in aggregate principal amount of senior secured notes with a tax rate of 9,875% and due in 2031 (respectively, “Exit Financing Offer” or “Offer” and “Bonds”).
The size of the expanded offering represents an increase from the originally planned amount of US$1.21 billion to US$1.375 million. The expansion of the offering size was driven by strong investor demand and a significant oversubscription of 7,5 times. This milestone reflects the continued progress of the Chapter 11 from Blue and represents a crucial step towards completing your financial transformation.
“The strong demand and successful pricing of our exit financing reflects the strong market confidence in Azul., in our business plan and in the future of the company”, declared John Rodgerson, CEO of Blue. “The level of demand for this reform transaction reflects the progress made throughout our restructuring process and the work carried out by our team to build a more resilient company.. With this momentum and the shared trust of our financial shareholders in the future of Azul, “We continue to move towards the conclusion of the exit process as a stronger airline and a more sustainable company”.
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