Azul subsidiary Azul Secured Finance has launched a re-tap offering of $148.7 million 11.93% senior secured first out notes due 2028. The new notes will be guaranteed by Azul and its subsidiaries. Azul will use the net proceeds to refinance its debt following its restructuring in 2023. Fitch Ratings rated the senior secured notes reopening as B-/RR4, stating: “Azul’s ratings reflect its improved credit profile post restructuring plan during mid-2023, including enhanced liquidity, operating cash flow generation and leverage ratios.” Citi had arranged Azul’s original offer for the senior secured notes, with JP Morgan, Itaú BBA, Jefferies and UBS as

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