By Brazil Stock Guide – Oncoclínicas do Brasil Serviços Médicos S.A. (B3: ONCO3) has reached an agreement with Banco Master de Investimento S.A. to restructure the redemption schedule of R$478.2 million in bank deposit certificates (CDBs). The repayment will be made in 20 installments between October 2025 and May 2027, maintaining the original interest rate. The deal strengthens the company’s liquidity management while preserving strategic flexibility over its shareholder structure.
Under the revised schedule, Banco Master will begin redemptions with a R$20 million payment on October 30, followed by monthly installments of R$25 million through May 2027. The agreement also includes early maturity triggers that make the full amount immediately payable in case of default, enhancing Oncoclínicas’ security over its receivables.
In a distinctive clause, the company may use the remaining CDB balance as payment to exercise a call option on the quotas of the Tessália and Quíron investment funds—vehicles that hold shares of Oncoclínicas—if Banco Master completes negotiations to release those quotas. The transaction would require prior shareholder approval under CVM Resolution 77/22, which governs indirect share acquisitions.
“This restructuring strengthens the company’s financial position and keeps strategic alternatives open,” said Cristiano Affonso Ferreira de Camargo, Chief Financial and Investor Relations Officer of Oncoclínicas. The agreement also signals a normalization of ties with Banco Master.
Last month, the company hired Rothschild & Co Brasil as financial advisor and Pinheiro Neto Advogados as legal counsel. In May 2024, it approved a R$1.5 billion private capital increase, with Banco Master contributing R$1 billion. Banco Master, which holds a 15% stake in Oncoclínicas, now adds another layer of uncertainty after Brazil’s Central Bank recently blocked the bank’s planned sale to Banco de Brasília (BRB).
Founded in 2010, Oncoclínicas operates one of the largest oncology and precision medicine networks in Brazil, serving over 500,000 patients annually. Since its IPO in 2021, the company has pursued a deleveraging and portfolio-optimization strategy amid tighter credit conditions and higher capital costs in the healthcare sector.
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