# Hapvida issues R$3.65 billion in bonds to refinance debt and bolster cash

*Eight-year debenture offering will repay previous series (HAPV22 and HAPV13) and extend maturities amid capital-structure optimization.*

- Published: 2025-10-09
- Section: Insights
- Tags: HAPV3
- URL: https://brazilstockguide.com/insights/hapvida-10th-bond-issuance-2025/

**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.

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/hapvida-10th-bond-issuance-2025/