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Brazil’s Cosan consent solicitation successful for 5½% notes due 2029
By Mary-Katherine Stinson
Lexington, Ky., May 2 – Cosan SA gained the necessary consents from a majority of the holders of its $750 million outstanding 5½% senior notes due 2029 (ISINs: US22113AAB17, USG25343AB36) in order to enact the supplemental indenture and related proposed amendment, according to a release Monday.
As previously reported, the company was conducting the consent solicitation to substitute a direct or indirect substantially wholly owned subsidiary for itself as issuer of the notes, subject to some conditions including that Cosan become a guarantor for the notes and continue to be subject to the restrictive covenants and events of default under the notes.
The three subsidiaries that currently meet the eligibility requirements to become substitute issuers are Cosan Luxembourg SA, Cosan Overseas Ltd. and Cosan Global Ltd.
The consent solicitation expired at 5 p.m. ET on April 29, which was also the revocation deadline.
The consent payment of $1.25 per $1,000 of notes for consenting holders will be paid May 3.
No accrued interest will be paid.
The supplemental indenture and the related proposed amendment are now effective immediately, but the proposed amendment will not become operative until the consent payment is paid to Depository Trust Co. for the payment to the consenting holders on the settlement date.
Now that the supplemental indenture is effective, all holders are bound by the terms of the amendment.
Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182) were the solicitation agents.
D.F. King & Co., Inc. (212 269-5550, 800 967-5084, cosan@dfking.com, www.dfking.com/cosan) was the information and tabulation agent for the offer.
Cosan is based in Sao Paulo and has businesses in strategic sectors to Brazil’s growth and development, such as energy and logistics.
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