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Brazil’s Raizen begins tender offer for up to $200 million 7% notes
By Marisa Wong
Morgantown, W.Va., Feb. 22 – Raizen Energia SA’s wholly owned subsidiary, Raizen Energy Finance Ltd., said it has begun a cash tender offer to purchase up to $200 million of its $400 million outstanding 7% senior notes due 2017.
The offer will expire at 11:59 p.m. ET on March 18.
Holders who tender their notes by 5 p.m. ET on March 4, the early tender time, will be eligible to receive the total consideration of $1,032.50 per $1,000 principal amount. The total consideration includes a $30 early tender payment.
Holders tendering after the early tender time will only be eligible to receive the tender consideration of $1,002.50 per $1,000 principal amount, or the total consideration less the early tender payment.
The company will also pay accrued interest to the settlement date, which is expected to occur on March 22.
Tenders may be withdrawn prior to 5 p.m. ET on March 4.
If the aggregate principal amount of notes tendered by the expiration date exceeds the offer cap, Raizen intends to accept notes on a pro rata basis.
The company also reserves the right, but is under no obligation, to increase the maximum tender amount at any time.
Notes may be tendered and will be accepted for payment only in denominations of $100,000 and any integral multiple of $1,000 in excess of that.
The offer is not conditioned on any minimum participation or on obtaining any financing.
Citigroup Global Markets Inc. (attn.: liability management group, 800 558-3745, 212 723-6106), Credit Agricole Securities (USA) Inc. (attn.: debt capital markets, 866 807-6030, 212-261-7802) and J.P. Morgan Securities LLC (attn.: Latin America debt capital markets, 866 846-2874, 212 834-7279) are the dealer managers. Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 866 470-4500 for all others) is the information and tender agent.
The energy company is based in Sao Paulo.
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