Azul has priced a private offering of $1.375bn in 9.875% senior secured notes due 2031, through its Azul Secured Finance subsidiary.
The deal was oversubscribed by around 7.5 times.
The offering will provide exit financing related to its Chapter 11 restructuring plan, primarily repaying its debtor-in-possession (DIP) financing and to support the implementation of its long-term capital structure and liquidity optimisation strategy.
The notes will be secured by first-priority liens on receivables from TudoAzul, Azul Viagens, and Azul Cargo, as well as selected brands and IP.
“The company continues to implement the steps established under its Chapter 11 plan with focus, discipline and alignment with the guidelines already defined, progressing in accordance with the expected timeline and maintaining consistency in the execution of the initiatives underway,” said Azul.
The transaction is expected to close on February 6, 2026.