NEW YORK – July 18, 2023 – Seabury Capital announced today that the company advised Azul (B3: AZUL4, NYSE: AZUL) on the settlement of its previously announced exchange offers relating to $400.0 million and $600.0 million of senior notes maturing in 2024 and 2026, respectively. Azul issued new senior secured second out notes of $294.2 million due 2029 and $568.2 million due 2030, in exchange for original notes due in 2024 and 2026, respectively.

Pursuant to the settlement of the exchange offers, Azul Secured Finance LLP issued (i) US$294,215,000 in principal amount of 11.500% Senior Secured Second Out Notes due 2029 (which were issued in exchange for US$294,215,000 in aggregate principal amount of 5.875% Senior Notes due 2024 issued by Azul Investments LLP), and (ii) US$568,219,500 in principal amount of 10.875% Senior Secured Second Out Notes due 2030 (which were issued in exchange for US$568,252,000 in principal amount of 7.250% Senior Notes due 2026 issued by Azul Investments LLP). In aggregate, 86% of the principal amount of the 2024 notes and 2026 notes were exchanged for 2029 notes and 2030 notes.

In addition, Azul has also entered supplemental indentures to amend the terms of the 2024 notes and 2026 notes pursuant to Azul’s previously disclosed solicitation of consents of the holders of such notes.

“This is another key milestone in Azul’s comprehensive restructuring plan, which is aimed to optimize the airline’s capital structure and increase its liquidity position. The Seabury team was very pleased to play a central role in conducting successful negotiations with lessors and OEMs, demonstrating the strength of long-lasting, mutually beneficial relationships between the parties,” commented John Luth, Chairman, President & CEO, Seabury Capital.

For more details on the transactions, visit: https://s3.amazonaws.com/mz-filemanager/ed78542a-4e01-429a-8926-03d69ccfa307/6dc9f95b-1c37-443d-bbd2-13f79a14b7a8_Azul_Azalea_Form_6K_Closing_of_Exchange_Offers.pdf

ABOUT SEABURY CAPITAL GROUP

Seabury Capital Group LLC (“Seabury”) is headquartered in New York City with a global presence with professionals around the world. It operates a number of specialty finance, investment banking, technology, and software companies with a core focus anchored in aviation, aerospace & defense, and financial services & technology. www.seaburycapital.com.