The senior secured notes are due 2028

Davis Polk advised the underwriters in connection with the $148.7 million reopening by Azul Secured Finance LLP of its 11.930% senior secured notes due 2028. The notes, which were issued pursuant to Rule 144A / Regulation S under the Securities Act, are unconditionally guaranteed by Azul S.A. and certain subsidiaries of Azul and are secured by, among other things, a first-out lien on the core assets and receivables of Azul’s TudoAzul loyalty program and Azul Viagens travel package business, as well as Azul’s brand intellectual property.

Azul is the largest airline in Brazil in terms of departures and cities served, with around 1,000 daily departures to 167 destinations, creating an unparalleled network of more than 300 nonstop routes.

The Davis Polk corporate team included Manuel Garciadiaz, Lourenço Lopes-Sabino and Alexandre Diniz. The finance team included Monica Holland. Michael Mollerus, Albert Park and Alex Ang Gao provided tax advice. Members of the Davis Polk team are based in the São Paulo and New York offices.

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