By Brazil Stock Guide – Hapvida Participações e Investimentos S.A. (B3: HAPV3) has approved its 10th issuance of non-convertible debentures, totaling R$3.65 billion (US$670 million), maturing in October 2033. The securities — targeted exclusively at professional investors — will be offered under the automatic registration regime of CVM Resolution 160 and backed by a personal guarantee from the subsidiary Hapvida Assistência Médica S.A.
The deal strengthens the healthcare group’s balance-sheet management agenda. Banco Bradesco S.A. will act as registrar and settlement agent, while Pentágono DTVM will serve as trustee.
Debt rollover and cash support
Proceeds will be used to prepay Hapvida’s 2nd and 3rd bond series (HAPV22 and HAPV13), reducing short-term maturities. Any remaining funds will reinforce the company’s cash position, as Hapvida seeks to lower leverage and simplify its debt profile following the merger with NotreDame Intermédica.
The new bonds pay 100% of the CDI rate plus 1.05% per year, with semiannual coupon payments in April and October. Amortization will occur in two tranches — 50% in 2032 and 50% in 2033.
Terms and guarantees
The issuance is unsecured (quirografária) but includes a fidejussory guarantee from the healthcare unit.
Early redemption is allowed from October 2027, with a declining premium ranging from 0.60% to 0.05% depending on the year. The bonds are not inflation-linked, and there is no scheduled repricing.
Accelerated maturity may occur in cases of default, insolvency, legal disputes, or change of control, which remains tied to the Pinheiro Koren de Lima family, Hapvida’s controlling shareholders.
The offering marks Hapvida’s continued effort to optimize capital structure as Brazil’s private healthcare market stabilizes after years of high claims and margin pressure. It also reflects a broader return of corporate bond issuance under CVM Resolution 160, amid persistently high real interest rates and growing demand for professional-market instruments.
Hapvida’s 2025–2026 plan allocates R$2 billion (US$370 million) in investments across Brazil’s five regions — with half of that amount directed to São Paulo’s capital and metropolitan area.