Brazilian airframer Embraer SA has announded the results of the early exchange period of the exchange offer that commenced on August 28 2013 under which the firms 6.375% notes due 2017 and 6.375% notes due 2020 issued by Embraer Overseas Ltd and guaranteed by Embraer held by eligible holders may be exchanged for newly issued US dollar-denominated senior notes due 2023 issued by the Issuer and guaranteed by Embraer.
As of the end of the early exchange period, which commenced on August 28, 2013 and closed on September 11, 2013 at 5:00 p.m. (New York City time), USD 144.0m aggregate principal amount of 2017 notes and USD 331.5m aggregate principal amount of 2020 notes were validly tendered in exchange for new notes.
Embraer said that this represents approximately 54.0% of the total outstanding old notes. Embraer will accept all old notes that were validly tendered and expects that delivery of new notes and cash with respect to such validly tendered and accepted old notes will occur on the early participation settlement date, which is expected to be September 16, 2013.
Based on the exchange ratios extablished in the offer, Embraer expects to issue approximately USD 532m aggregate principal amount of new notes in exchange for such validly tendered and accepted old notes.
Find out more at www.embraer.com.br.