Davis Polk advised a finance affiliate of Andrade Gutierrez Engenharia S.A. on a solicitation of consents from holders of its $480 million aggregate principal amount of 9.500% senior secured notes due 2024 to effect certain proposed amendments to extend the grace period set forth in the event of default provisions in the indenture governing the notes as related to the payment of interest due on December 30, 2020. The purpose of the consent solicitation is to provide the issuer with operational flexibility to make the interest payment due on the notes once it has sufficient cash on hand.
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.
The Davis Polk capital markets team included Manuel Garciadiaz, Drew Glover and Elliot M. de Carvalho. The tax team included Michael Farber and Rebecca A. Rosen. Members of the Davis Polk team are based in the New York, Northern California and São Paulo offices.