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Acucar e Alcool says exchange completed in connection with election solicitation
By Wendy Van Sickle
Columbus, Ohio, June 29 – U.S.J. – Acucar e Alcool SA announced the completion of the exchange in connection with 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 news release.
The solicitation, which expired on April 2, 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.
As of the expiration of the solicitation, 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, as previously reported.
Holders who selected the alternative payment option received their claims under the notes in payment in kind, which was effected through the exchange of the notes for an interest in a liquidating trust to be created by the ad hoc group of holders. Those liquidating trust participation notes have now been issued, according to Wednesday’s update.
Holders who did not elect to choose this option or did not submit a valid election recovery had their claims restructured and paid in accordance with default recovery.
D.F. King & Co. Inc. (212 269-5550; 866 797-6867, usj@dfking.com) was information and solicitation agent for the solicitation.
The sugar and ethanol producer is based in Sao Paulo, Brazil.
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