By Jennifer Chiou
New York, Oct. 17 - Cosan Ltd. announced revised terms of its private placement of shares, augmenting the issue amount to $200 million from $180 million.
The company will now sell a total of 44,444,444 class A common shares at $4.50, changed from 22,784,810 class A common shares at $7.90 per share, to the Gávea Funds and Rubens Ometto Silveira Mello. The funds will now buy $150 million, up from $130 million, of the shares and Mello will buy $50 million of the securities.
Shareholders will have until 7 p.m. ET on Oct. 24 to subscribe to the offering.
Each class A share of record as of Oct. 2 will have the right to subscribe for up to 0.241231 new class A common shares.
Proceeds will be used to strengthen the capital structure of the Cosan Group to support its growth, including for possible future acquisitions and other general corporate purposes.
Cosan is a global ethanol and sugar company based in Sao Paulo, Brazil.
| Issuer: | Cosan Ltd.
|
| Issue: | Class A common stock
|
| Amount: | $200 million (upsized from $180 million)
|
| Shares: | 44,444,444
|
| Price: | $4.50
|
| Warrants: | No
|
| Investor: | Gávea Funds (for $150 million) and Rubens Ometto Silveira Mello (for $50 million)
|
| Pricing date: | Oct. 17
|
| Stock symbol: | NYSE: CZZ
|
| Stock price: | $3.02 at close Oct. 17
|
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