Acucar e Alcool gives results of election solicitation for 2019 notes, 2021, 2023 PIK toggle notes

By Rebecca Melvin

Concord, N.H., April 5 – U.S.J. – Acucar e Alcool SA announced the expiration and result of its Dec. 28, 2021 recovery elections solicitation to holders of three series of notes, including its 9 7/8% senior notes due 2019, its 9 7/8%/12% senior secured PIK toggle notes due 2021 and the 9 7/8%/10½% senior secured PIK toggle notes due 2023, according to a company release.

The election recovery solicitation was aimed at allowing holders to decide whether to receive their claims through the alternative payment option or default recovery in connection with its judicial restructuring plan.

Holders who selected the alternative payment option are expected to receive their claims under the notes in payment in kind, which will be effected through the exchange of the notes for an interest in a liquidating trust to be created by the ad hoc group of holders.

Holders who did not elect to choose this option or did not submit a valid election recovery will have their claims restructured and paid in accordance with default recovery.

As of the expiration of the solicitation at 5 p.m. ET on April 2, recovery elections were received from the holders of 96.58% in aggregate principal amount of the outstanding notes, corresponding to 79.25% in principal amount of the 2019 notes, 58.04% of the 2021 notes and 97.58% of the 2023 notes.

Any questions or requests for assistance or for copies of the election solicitation statement or related documents may be directed to D.F. King & Co. Inc. (212 269-5550; 866 797-6867, usj@dfking.com) as information and solicitation agent for the solicitation.

The sugar and ethanol producer is based in Sao Paolo, Brazil.

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