USJ offers bond swap

USJ offers bond swap

Corporate & Sovereign Strategy Bonds Capital Markets Debt Brazil

Brazil's USJ has offered to exchange $277m in bonds that mature in 2019 and 2021 for new payment-in-kind toggle notes due in 2023 and cash. The sugar company has also asked bondholders to remove the "restrictive covenants" on the 2021 notes and return the collateral to USJ in case of default. For every $1,000 in 9.875% 2019 notes, USJ has offered $1,667 in new 8.5%/9.875% 2023 notes and $333 in cash. For every $1,000 in 9.875%/12% 2021 notes, however, USJ has offered an even swap. The early bi

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial