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Brazil’s USJ – Açúcar extends consents solicitation for PIK notes
By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – USJ – Açúcar e Álcool SA extended its consent solicitation for its 9 7/8%/10½% senior secured PIK toggle notes due 2023, according to a news release Wednesday.
The solicitation will now expire at 5 p.m. ET on Aug. 10, and the withdrawal deadline is now 5 p.m. ET on Aug. 6.
Previously, the expiation the was set for 5 p.m. ET on Aug. 4 and the withdrawal time for 5 p.m. ET on Aug. 2.
As announced on July 28, 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.
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).
USJ is a Sao Paulo, Brazil producer of sugar and ethanol.
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