Light (LIGT3) reported yesterday that it signed a term sheet that represents a preliminary agreement with an ad hoc group of holders and managers representing funds holding debt securities issued on the international market (4.375% Notes Unit due 2026) by Light SESA and by Light Energia.
The document was signed jointly by Light Serviços de Eletricidade (Light SESA) and Light Energia.
According to the company, this group, known as the “Ad Hoc Group”, claims to represent 41.13% of the total indebtedness of the Notes, subject to Light’s judicial recovery process, currently underway in the 3rd Business Court of the District of the State Capital of Rio de Janeiro, under number 0843430-58.2023.8.19.0001.
The Ad Hoc Group of Note holders is being advised by Moelis & Company, Cleary Gottlieb Steen & Hamilton and Pinheiro Neto Advogados.
“The Agreement, which reflects the main economic terms and conditions for the restructuring of the covered debt, is subject to the negotiation and execution of definitive documents between the parties involved. This represents another significant step in the process of rebalancing the companies’ financial debt”, he said.
“Light’s management, together with the financial and legal advisors hired, remain committed to negotiations and interactions with its other creditors”, he highlighted.
Light (LIGT3)
It is worth remembering that in 4QR23, Light obtained a net profit of R$49.6 million, reversing a net loss of R$619.6 million in the same period of 2022.
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) reached R$619.1 million, compared to a negative performance of R$53.4 million a year earlier.
Net revenue totaled R$3.912 billion in the last quarter of last year, reflecting growth of 18.8% compared to the same period in 2022.
Operating expenses reached R$3.406 billion in the period, representing an increase of 0.6% compared to the same period of the previous year.
Tags: Light reaches agreement bondholders
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