by Aline Lima
Atento is in negotiations with Mutant, a private equity-backed Brazilian call center software developer, for its potential sale, according to a source familiar with the matter and a person briefed on it.
Mutant is now conducting a due diligence process on Atento and accessing its data room, the source familiar said. The company had been previously in talks with an ad hoc group of holders of Atento's USD 500m 8.0% 2026 bonds, the same source added.
Mutant is controlled by London-based private equity firm Permira Advisers and California-based venture capital firm Technology Crossover Ventures (TCV).
A spokesperson at Atento declined to comment on the matter, as the company is listed and "cannot comment on market rumours". An official at Mutant could no be reached for comment, and a representative for bondholders declined to comment on the matter.
On 24 June, Atento announced it reached a agreement with certain members of the 2026 bondholder group for a financing of at least USD 30m, in addition to a USD 79m capital increase.
The new financing “is subject to conditions including customer due diligence, and the grant of security interests,” the outsourcing provider said in the release. The conclusion of the deal would allow Atento's leverage “to be significantly reduced”.
Atento has been holding talks with creditors to restructure debt, ahead of certain derivatives obligations and a coupon payment on its 2026 bond due on 10 August.
In February, it obtained a USD 40m financing, including equity warrants and 2025 bonds, and used proceeds to pay derivative obligations and to “complete” the coupon payment of its 2026 bonds at the time.
Atento owes Nomura, Goldman Sachs and Morgan Stanley USD 127m, related to the derivative obligations (swap transactions), according to a source close to the matter, and also owes the Interamerican Development Bank (IDB) USD 40m-USD 50m, as reported.
The company had been considering filing for a scheme of arrangement in the UK to avoid a longer and more expensive bankruptcy protection filing.
Atento's 2026 bond traded at 17.45 today, according to MarketAxess.
