On September 22, 2026, Eneva (ENEV3) completed the first stage of a liability management transaction, totaling approximately R$ 1.4 billion, linked to its debentures. The initiative is part of the company’s debt strategy in 2026.
The transaction involved the sale, to certain financial institutions, of debentures from the 12th issue of Simple, Non-Convertible Debentures (debentures are debt securities issued by companies), previously held in treasury, for the amount of R$ 2,400,019,283.60. After the Debenture Holders’ General Meeting on September 22, 2026, these debentures began to bear interest of IPCA + 8.00% per year, final maturity on August 15, 2036, and amortization in three annual installments starting in the 8th year.
The funds obtained from the sale of the debentures will be fully allocated to the prepayment of Eneva’s debts. In this first stage, the company carried out the early redemption and cancellation of R$ 520,007,451.76 of the 3rd Series of the 8th Issue, at a cost of CDI + 1.7% per year; R$ 742,555,768.15 of the 3rd Series of the 10th Issue, at a cost of CDI + 1.00% per year; and R$ 142,877,870.92 of the 2nd Series of the 11th Issue, at a cost of CDI + 2.5% per year.
The remaining balance of the funds will continue to be allocated to the prepayment of other outstanding debts of the company, as part of its liability management strategy. On a pro forma basis, considering the full allocation of the funds, the initiative extends the average term of the debts subject to refinancing from approximately 2.6 years to 9.0 years, in addition to reducing the cost of debt.
The transactions also helped align Eneva’s debt profile with the main indexer of its revenues, increasing the share of consolidated debt linked to the IPCA from 86% to 92%. According to the company, the transaction is part of its ongoing liability management strategy, aimed at optimizing the maturity profile and maintaining a capital structure considered efficient and suitable for its growth plan.
