In the company’s calculations, the new debt profile preserves R$4.3 billion in cash until 2027Reproduction / Internet
Casas Bahia filed a request for extrajudicial recovery for debts totaling R$4.1 billion. The request has already been pre-agreed with the main creditors, who hold 54.5% of the debts and, therefore, must also be applied to the other creditors spread out, including individuals. The renegotiated amount, which involves the 6th, 7th, 8th and 9th series of debentures, had an average cost of CDI +2.7% and a term of 22 months. Now, the cost is at CDI + 1.2%, over a period of 72 months.
The agreement includes a grace period of 24 months for interest payments and 30 months for principal payments. Thus, before the renegotiation, the company would disburse, by 2027, R$4.8 billion. Now, the company will have to pay, within the same period, only R$500 million.
“Everyone looked and saw that we had interest payments every year. It was R$1.5 billion this year and almost R$1 billion in the coming years. They asked: Can you generate cash for all this? restructuring was going well, it would be tight. We would work to pay interest, they said. That way, we would gain a lot of flexibility and cash for possible volatility and also to take advantage of some market opportunities and prepare for Black Friday, for example. “, said the CEO of Casas Bahia, Renato Franklin to Broadcast.
The operation has a restricted perimeter, that is, it only includes unsecured financial debts, such as debentures and CCBs issued with banks. Bradesco has R$953 million in debentures and Banco do Brasil, R$1.272 billion, which represents 54.5% of the total issues covered in the plan.
The agreement determines that the four series of debentures, plus the bank credit notes, are transformed into a single debenture of three series. The first will represent 37% of the debts of all creditors and will be paid with an interest grace period of 24 months and a principal grace period of 30 months. The rate will be CDI + 1.5%, with semi-annual payments after the grace period. The largest portion (60%) will be paid in November 2029.
Then, to receive the remainder (63%), it will be possible to choose between the second and third series. Anyone who opts for the “partner creditor” category (series 2), such as Banco do Brasil and Bradesco, must maintain the current conditions of other credit lines that are not part of the Extrajudicial Restructuring. In the case of these two banks, the lines are those that finance the retailer’s credit and withdrawn risk operations.
In this option, it will be possible to convert the debt into company shares between 18 and 36 months for 80% of the average value of the shares in the previous 90 days, or wait for payment until November 2030, with interest of CDI + 1%. If this option were made in full, with the company’s current market value, and without the current partners exercising their right to invest more so as not to be diluted, the two banks would take control of the retailer. Franklin says, however, that he doesn’t believe the banks have that intention.
If more debt holders want to join this category, they will have to make new loans to the company. Otherwise, they will fall into series 3 and will have to wait for payment until November 2030, with interest of CDI + 1%.
“We are making a structural and definitive agreement for the company. In this negotiation we achieved not only grace periods for interest and principal, but also a much more diluted amortization schedule. This transforms the company’s debt profile”, concluded Franklin.
