Sul America S.A. (BOVESPA:SULA11) consummated on November 28, 2007
the early redemption of 35% of the aggregate principal amount of its
US$200 million 8.625% Senior Notes due 2012 (the "Notes"). Such early
redemption was made pursuant to an equity claw-back provision under
the indenture of the Notes. The company paid an amount of
approximately US$77.5 million (R$139 million) to effect this partial
redemption by using part of the proceeds from its recent IPO.
