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Atento S.A. (NYSE:ATTO, &, ldquo, Atento&, rdquo, ))))) entered into financing arrangements on February 15, 2023 with a group of certain existing investors in Atento to provide additional financing to Atento. The investors have agreed to provide Atento with a new debt financing commitment that will address the company’s near-term liabilities and provide the company with additional financial flexibility. The total capital raised is approximately $40 million.
The primary terms of the debt financing are:
· Atento Luxco 1, S.A. will issue senior secured notes due 2025. Interest on the new notes will be 10% per annum payable in cash and 10% per annum payable in additional new notes. Interest will be payable every three months.
· The new senior secured notes due 2025 will be guaranteed by selected receivables of certain subsidiaries.
· In addition, Atento will issue 7,920,000 warrants to subscribe for shares at an exercise price that is the trading price of the shares on the day prior to issuance of the warrants.
· Atento Luxco 1, SA will use reasonable endeavors to explore an exchange of existing senior secured notes due 2026 held by the investors with an equal principal amount of priority secured notes due 2026 to the extent permitted under the terms of the existing debt documents and subject to other conditions.
· The proceeds will be used by Atento and its subsidiaries to make certain payments under financing agreements as well as to finance transaction costs.
Subject to the fulfillment of customary conditions precedent, including certain third-party consents, this latest transaction is expected to provide Atento with additional operating liquidity and financial flexibility in the coming months, while Atento continues to advance the transformation of its operational core and to further strengthen its financial position in the medium term.
Atento intends to pay coupon payment obligations under its senior secured notes due 2026 and all associated hedge payments upon completion of the new financing.
Atento intends to disclose further details of the transaction, including copies of the relevant agreements, in the coming days.
On February 15, 2023, Atento issued a press release about the new debt financing, which is attached as exhibit 99.1.
Posted In: ATTO
