Azul launches senior secured notes exchange offering

Azul is in the market with an offering to exchange existing senior notes for new senior secured notes. Issued via subsidiary, Azul Investments, the offer proposes exchanging the 5.875% senior notes due 2024 for 11.500% senior secured second out notes due 2029, and exchanging the 7.250% senior notes due 2026 for 10.875% senior second out notes due 2030. The exchange offer is only made to existing note holders. Azul has already entered into a Transaction Support Agreement (TSA) with a group of supporting existing noteholders that represent 65% of the holders of the 2024 notes and 65.8% of the 2026