CMN Resolution No. 4476 — Regulates the Early Redemption of Infrastructure Debentures under Article 2 of Law No. 12,431 of June 24, 2011

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on April 11, 2016, based on Article 4, item VI, of Law No. 4,595 of 1964, item II of § 1 of Article 1, and Article 2 of Law No. 12,431 of June 24, 2011,

R E S O L V E D:

Article 1. For the purposes of item II of § 1 of Article 1 of Law No. 12,431 of June 24, 2011, the early redemption of debentures provided for in the caput and § 1-A of Article 2 of the aforementioned Law may occur, at the exclusive discretion of the issuer, provided that the following requirements are cumulatively met:

I - after at least four years have elapsed from the date of issuance of the debentures; and

II - there is express provision in the Issuance Deed Instrument and, if applicable, in the Certificate regarding the possibility of early redemption of the debentures and the criteria for determining the amounts to be paid to debenture holders as a result of such redemption.

Sole Paragraph. Early redemption must be carried out through the total early redemption of all debentures of the same series; partial early redemption is not permitted.

Article 2. The provisions of this Resolution apply only to debentures issued between April 12, 2016, and December 31, 2017.

Article 3. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil