Citi in Successful Consent Solicitation by Andrade Gutierrez
December 31, 2020
Cleary Gottlieb advised Citi, as solicitation agent, in a solicitation of consents by Andrade Gutierrez International S.A. (Andrade Gutierrez) from all registered holders of its 9.5% senior secured notes due 2024.
The consent solicitation aimed to extend the interest grace period on the notes as it relates to the payment of interest due on December 30, 2020 from 30 days to 105 days, further extend such interest grace period from 105 days to 150 days to the extent interest due on December 30, 2020 is not paid by the expiration of the initial extension, and prohibit the issuance of any additional notes of the same series as the notes.
As a result of receiving the requisite consents from holders of the notes, a supplemental indenture to the indenture governing the notes was executed on December 29, 2020. The consent solicitation commenced on December 15, 2020; was amended on December 22, 2020, and December 24, 2020; expired on December 29, 2020; and settled on December 31, 2020.
Citigroup Global Markets Inc. served as solicitation agent and Global Bondholder Services Corporation was the information and tabulation agent for the consent solicitation.
Andrade Gutierrez is a privately owned multinational engineering and construction conglomerate headquartered in Rio de Janeiro, Brazil. The company was founded in 1948 in Belo Horizonte, in the state of Minas Gerais, by the Andrade and Gutierrez families.