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Cosan Luxembourg tender for $250 million 7% notes oversubscribed at early date
By Wendy Van Sickle
Columbus, Ohio, July 3 – Cosan Luxembourg SA took in tenders of $271,830,000 principal amount of notes by the early deadline of its June 20 offer to buy to up to $250 million of the outstanding $650 million 7% senior notes due 2027 (Cusips: 22112EAC2, L20041AD8), according to a news release.
Cosan SA is the guarantor on the notes.
The amount tendered totaled 41.82% of the outstanding principal amount. The company said it accepted $250 million principal amount of the tendered notes at a proration factor of 84.7%.
The company offered a total consideration of $1,013.75 per $1,000 note, inclusive of a $30 early tender payment that will only be paid to noteholders who tender by the early deadline. The company is also paying accrued interest.
The tender offer is subject to a financing condition, specifically the closing of an offering of new debt securities sufficient to pay for the tender offer.
The early tender deadline was 5 p.m. ET on July 3.
Early settlement is expected to take place on July 6, but the company does not expect to accept any additional tenders given that the offer was oversubscribed at the early deadline.
Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749), Morgan Stanley &Co. LLC (800 624-1808, 212 761-1057), Banco Bradesco BBI SA (646 432-6642), Banco BTG Pactual SA – Cayman Branch (212 293-4600), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279), Santander US Capital Markets LLC (855 404-3636, 212 940-1442) and UBS Securities LLC (212 713-4715) are the dealer managers.
D.F. King & Co., Inc. is the information and tender agent for the offer (800 487-4870, 212 269-5550, cosan@dfking.com).
Cosan is based in Sao Paulo, Brazil, and has businesses in strategic sectors to Brazil’s growth and development, such as energy and logistics.
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