Brazil’s USJ – Açúcar seeks consents for PIK note restructuring

New York, July 28 – USJ – Açúcar e Álcool SA began a consent solicitation on Tuesday for its 9 7/8%/10½% senior secured PIK toggle notes due 2023 to help a planned restructuring of the notes.

The solicitation seeks to amend some of the collateral and security provisions in the note indenture in order to “increase the viability of a more comprehensive restructuring” of the notes as envisaged in a restructuring support agreement made on June 8 with an ad hoc group of bondholders, according to a news release.

The amendments would also authorize the payment of the costs and expenses of the ad hoc group’s advisers.

Consents must be delivered by the expiration date of 5 p.m. ET on Aug. 4. They can be revoked up to 5 p.m. ET on Aug. 2.

To make the changes, USJ needs approval from holders of at least 66 2/3% of the notes for the collateral amendments and a majority for the payment amendment.

D.F. King & Co., Inc. is the information and tabulation agent (866 620-2536, 212 269-5550 or usj@dfking.com).

U.S.J. is a Sao Paulo, Brazil producer of sugar and ethanol.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.