Cosan toโ Launch Two Share Offerings, Raising โUp โฃto $1.6 Billion to โreduce โฃDebt
SรO PAULO โ- Brazilianโ conglomerate โCosan announced โฃsunday it will proceed with two public share offerings, potentially issuing up โto 2 billion new common shares, backed byโ anchor investors including BTGโฃ Pactualโ andโ Perfin. The move aims โคto significantly reduce the company’s financial leverage and bolster its financial adaptability.
The first offering will distribute a base ofโข 1.45 billion shares,โฃ with a potential increaseโข of 25%. anchor investors have fully committed to subscribing โฃtoโฃ the base amount, representing an investment of 7.25 billion reais (approximately $1.36 billion USD) at a price of 5.00โฃ reaisโ per share.
A second offering will follow, encompassing up toโค 550 millionโค shares, excluding any shares already purchased in the first offering. โShares in โthis tranche will be priced the same โขas the firstโ and will not be subject โคto a โคlock-up โperiod.
Cosan stated that the total number of newly issuedโ shares across both offerings will not exceed 2 billion, โwith potential adjustments to the โsecond offering to ensureโ thisโ cap is met.โ
All proceeds from both share offerings will โคbe dedicated solely to renegotiating and repaying Cosan’s existing financial debts.
($1 = 5.3280 โreais)
(Reportingโฃ by โขIsabel Teles)