EIG concludes process and enters the capital of LLX

LLX reported yesterday that the conditions precedent to the entry of the American group EIG in the capital of the company were fulfilled. With this, the board of directors approved yesterday the capital increase of $597.6 million through the issuance of new shares, per $0.55 each, as announced in August.

According to the company, in the context of the transaction, the banks Santander and Bradesco approved a funding commitment of $413.69 million, with a term of 18 months. In addition, Bradesco has agreed to extend the maturity of credit lines that totaled $373.70 million over three years.

The existing shareholders will have preemptive rights in capital increase. The current controller, Eike Batista, will assign his subscription rights to the EIG, which is committed to ensuring the total market capitalization.

In a statement released after the market closes, LLX informs that Eike will freely assign the voting rights of his shares to EIG, which will provide the new shareholder with the condition of controller shareholder, even before the completion of capitalization and regardless of the final percentage reached by EIG in the company’s capital.

Furthermore, Eike will relinquish its 30% indirect interest in the subsidiary LLX Açu Operações Portuárias and 50% in NFX Combustíveis Marítimos, which will go to LLX.

Also at the meeting yesterday, LLX also elected three directors appointed by the American company: Luiz Fontoura Filho, Kevin Lee Lowder and Robert Blair Thomas. With the completion of the capitalization, the body will be formed by five seats, including the CEO Roberto Senna and Luiz França Pereira.

Flavio Godinho, Carlos de Paiva Nascimento, Samir Zraick, and Eike’s father, Eliezer Batista, who were part of the board, yesterday gave their resignation letters, which are contingent on the completion of the capital increase in the company.

The EIG group had $12.8 billion under management at June 30 this year.