Atento S.A. announced that it has successfully received tranche 3 funding under its interim financing arrangements announced on 23 June 2023, through the issuance of additional new money notes due 2025. This brings the total amount received under that financing to $37 million, exceeding the initial target by $7 million. The interim financing provides enhanced liquidity and financial runway to Atento to support the implementation of the comprehensive restructuring of the business through an English restructuring plan (the "Restructuring").
The Restructuring is expected to deleverage Atento's balance sheet significantly and allow the business to raise substantial new funding to facilitate the execution of its transformation plan, in line with the Restructuring Support Agreement (the "RSA") agreed with an ad hoc group of supportive holders of Atento's senior secured notes, announced on 3 July 2023. The $37 million of additional capital invested by members of the ad hoc group demonstrates their commitment to supporting the Company through the Restructuring. Atento continues to collaborate with its key financial stakeholders, including the ad hoc group, with a view to completing the Restructuring by the end of October 2023. The Company is making good progress towards implementing the Restructuring, and it remains on track to fulfilling the key milestones under the RSA towards doing so.
Atento also remains focused on executing its transformation plan, including geographical expansion and the development of new Artificial Intelligence capabilities, which it believes will be facilitated by the successful implementation of the Restructuring.