Madero renegocia condições de prazo, taxa e garantias de sua quarta emissão de debêntures
A rede de restaurantes Madero concluiu esta semana uma renegociação das condições de R$ 160 milhões em debêntures de sua quarta emissão, realizada em agosto de 2020. Conforme informações do site da Comissão de Valores Mobiliários (CVM), o banco Itaú BBA coordenou a operação e encarteirou os papéis — não há notícias de que tenha vendido os títulos a mercado.
Conforme ata de reunião com o único debenturista realizada no último dia 23 de junho, o Madero não vem cumprindo compromissos financeiros (covenants) — nessa e em outras atas estão citadas falhas em pagamento, divulgação de informações e compromissos com garantias. Para que não houvesse a declaração do vencimento antecipado dos papéis, a empresa entregou garantia de cessão fiduciária de recebíveis de cartões crédito — estão citados CCBs com BTG Pactual e Banco do Brasil e certificado de direitos creditórios do agronegócio com o Bradesco que, juntos, somam mais de R$ 500 milhões.
Além disso, teve de concordar com o aumento da taxa da emissão, de CDI + 3,6% ao ano para CDI + 8% ao ano. A empresa também acatou uma espécie de multa (fee de repactuação) de R$ 2,4 milhões. Como contrapartida, obteve a extensão do prazo de vencimento das debêntures por seis meses, de janeiro para julho de 2022.
Também foram alterados covenants da emissão. O múltiplo de dívida líquida pelo Ebitda, agora, deverá ser igual ou inferior a 2,5 vezes, a partir de 31 de março de 2022 — na escritura da emissão o compromisso era chegar nesse patamar em 30 de junho de 2021. E a empresa agora se comprometeu com uma dívida bruta máxima igual a R$ 1 bilhão a partir de 30 de junho de 2021. Na escritura inicial, a empresa havia se...
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