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Published on 1/18/2017 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

CarVal funds extend tender, up payment for USJ Acucar’s 9 7/8% notes

By Wendy Van Sickle

Columbus, Ohio, Jan. 18 – Funds managed by CarVal Investors increased the consideration and extended the tender offer for any and all of the $29,104,000 of outstanding 9 7/8% senior notes due 2019 issued by USJ Acucar e Alcool SA.

The tender offer, which was announced on Dec. 28, now runs through 11:59 p.m. ET on Feb. 1, pushed from 11:59 p.m. ET on Jan. 11.

As of the initial expiration date, $2.6 million principal amount of the notes had been tendered under the offer, the company reported.

The total consideration has been increased to $625 per $1,000 principal amount from $600 per $1,000 principal amount.

Any holder who tenders under the offer will receive the total consideration. Initially, only those who tendered by the early deadline of 5 p.m. ET on Dec. 28 were eligible to receive the total consideration, and all others were to receive the total consideration less a $50 early participation per $1,000 of notes; but the early tender date was previously pushed to coincide with the original expiration of the offer and now coincides with the offer’s new expiration.

CVI EMCVF Lux Securities Trading Sarl, EOC Lux Securities Sarl, CVI CVF III Lux Securities Sarl, CarVal GCF Lux Securities Sarl, CVI CVF II Lux Securities Trading Sarl, CVIC Lux Securities Trading Sarl and CVI AA Lux Securities Sarl launched the cash tender offer for USJ’s notes on Dec. 13.

In addition, holders will receive accrued interest to but excluding the settlement date, which is expected to be three business days after the expiration date.

Tenders may no longer be withdrawn.

D.F. King & Co., Inc. (212 269-5550, 800 714-3310 or usj-carval@dfking.com) is the tender agent and information agent.

Based in Sao Paulo, Brazil, USJ processes sugarcane.


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