SÃO PAULO - Zenvia Inc. (NASDAQ: ZENV), a prominent cloud-based customer experience (CX) platform in Latin America, has announced a series of agreements to manage its funding gap and provided its EBITDA guidance for 2024. The company has renegotiated its debt terms and issued new shares to its founder and CEO, Cassio Bobsin, through Bobsin Corp.
The agreements include the extension of short-term debt with banks totaling approximately 100 million Brazilian reais, with a new maturity date in December 2026. Additionally, Zenvia has renegotiated the earnout payments for acquisitions of Movidesk and D1, extending their payment terms and allowing for the conversion of part of Movidesk's debt into equity.
In a move to strengthen its capital structure, Zenvia has issued 8,860,535 Class A common shares to Bobsin Corp at a price of $1.14 per share, equivalent to around 50 million reais. This investment could lead to a maximum dilution of about 11% in Zenvia's shareholder base, contingent on future liquidity or corporate transaction events, with additional returns linked to the company's share price appreciation over a three-year period.
The company's EBITDA guidance for 2024 is projected to be between 120 million and 140 million reais. The financial restructuring is expected to reduce Zenvia's cash outflow for 2024 by approximately 120 million reais, improve its average debt term from 1.6 to 2.8 years, and result in a pro-forma leverage of around 2.0x by the end of 2024, assuming full conversion of Movidesk's earnout into equity.
Shay Chor, Zenvia's Chief Financial Officer, expressed satisfaction with the agreements, saying, "After several months of constructive discussions, we are pleased to have reached these agreements that are key to mitigate our capital structure gap by allowing our medium- and long-term liabilities to be funded by our future cash generation. These transactions will allow Zenvia to better align its balance sheet with its current business needs."
The information in this article is based on a press release.
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