Published on 6/10/2016 in the Prospect News Emerging Markets Daily.
New Issue: Brazil’s Cosan Overseas prices $500 million 7% notes due 2027 at 7¼% yield
By Christine Van Dusen
Atlanta, June 10 – Cosan Overseas Ltd. priced $500 million 7% notes due Jan. 20, 2027 (Ba3/BB/BB+) at 98.163 to yield 7¼% on Thursday, a market source said.
BofA Merrill Lynch, Bradesco BBI, Citigroup, HSBC, Itau and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to pay the tender of any 2018 and 2023 notes and for general corporate purposes.
Cosan is an ethanol and sugar company based in Sao Paulo.
| Issuer: | Cosan Overseas Ltd.
|
| Amount: | $500 million
|
| Maturity: | Jan. 20, 2027
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Bradesco BBI, Citigroup, HSBC, Itau, Santander
|
| Coupon: | 7%
|
| Price: | 98.163
|
| Yield: | 7¼%
|
| Trade date: | June 9
|
| Settlement date: | June 20
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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