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Published on 3/1/2024 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.

New Issue: Ambipar issues $750 million 9 7/8% green notes due 2031

Chicago, March 1 – Ambipar Lux Sarl issued $750 million of 9 7/8% guaranteed green notes due 2031 (BB-/BB-), according to an offering document.

The notes priced at par.

The notes may be optionally redeemed with a make-whole premium of Treasuries plus 50 basis points until Feb. 6, 2027. The fixed redemption prices for the 12-month periods starting on Feb. 6, 2027 are 104.938 in 2027, 102.469 in 2028, 101.234 in 2029 and par starting in 2030 and thereafter.

BofA Securities, Inc., Banco BTG Pactual SA – Cayman Branch, Itau BBA USA Securities Inc., Morgan Stanley & Co. LLC, Banco Bradesco BBI SA, Santander US Capital Markets LLC and UBS Securities LLC were the bookrunners.

Proceeds are being used to repay debt and the remainder will be used for general corporate purposes, in accordance with the company’s green finance framework.

Ambipar Participacoes e Empreendimentos SA is an environmental, emergency response and industrial field service provider in Brazil.

Issuer:Ambipar Lux Sarl
Guarantor:Ambipar Participacoes e Empreendimentos SA, Environmental ESG Participacoes SA and Ambipar Emergency Response
Amount:$750 million
Issue:Green notes
Maturity:Feb. 6, 2031
Bookrunners:BofA Securities, Inc., Banco BTG Pactual SA – Cayman Branch, Itau BBA USA Securities Inc., Morgan Stanley & Co. LLC, Banco Bradesco BBI SA, Santander US Capital Markets LLC and UBS Securities LLC
Trustee:Bank of New York Mellon
Counsel to issuer:Simpson Thacher & Bartlett LLP; Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados; Elvinger Hoss Prussen, SA
Counsel to underwriters:White & Case LLP, Pinheiro Neto Advogados
Coupon:9 7/8%
Price:Par
Yield:9 7/8%
Call features:Make-whole call at Treasuries plus 50 bps until Feb. 6, 2027; annual fixed redemption prices starting on Feb. 6, 2027; 104.938 in 2027, 102.469 in 2028, 101.234 in 2029 and par starting in 2030 and thereafter
Change of control:At 101
Equity clawback:Up to 35% at 109.875
Trade date:Jan. 30
Settlement date:Feb. 6
Ratings:S&P: BB-
Fitch: BB-
Distribution:Rule 144A and Regulation S
ISINs:US02319WAA99, USL0183EAA30

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