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Seabury Securities Advises Azul S.A. US$325 Million Convertible Debentures Placement

Seabury Securities LLC, the wholly-owned investment banking arm of Seabury Capital Group LLC (collectively, “Seabury Capital”) announced today that the company has advised Azul S.A. ((B3: AZUL4, NYSE:AZUL), the largest airline in Brazil in terms of departures, on the issuance of guaranteed secured debentures, convertible into preferred shares of the company, valued at R$1,745,900.00 (US$325 million). The debentures will mature in five years after issuance, are indexed to the U.S. dollar and pay interest of 7.5% in the first year in kind through an increase in the par value of the Debentures (PIK), and thereafter at an interest rate of 6.0% per annum payable semi-annually in cash.

The notes will be redeemable, in whole or in part, for cash at Azul’s option at any time, after 36 months, but only if the last reported share price exceeds 130% of the conversion price for a specified period of time. The public offering included 1,745,900 debentures issued at unit par value of R$1,000 with a conversion price of R$32.2649 per preferred share, resulting in an initial conversion premium of 27.5% based on the 30-trading day Volume …

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