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Bond Market News
Cosan’s Dollar Bonds Tick Higher on Debt Relief Update
September 24, 2025
Brazilian logistics solutions company, Cosan’s dollar bonds, were higher by 1.5-2 points across the curve after it announced a capital injection of BRL 10bn ($1.9bn). The move was backed by partners of BTG Pactual and asset manager Perfin, who are now shareholders in the holding company. The agreement, which includes a 20-year shareholder pact, ensures that founder Rubens Ometto remains as chairman for six more years while maintaining control via his family office. The capital injection is expected to lower Cosan’s net debt by BRL 7.5bn ($1.4bn), with the company ultimately aiming to achieve zero debt in the future. Proceeds will go toward reducing debt, and not to recapitalize units. The capital raise will be carried out via two offerings. The first is scheduled for October 23, totaling BRL 7.25bn ($1.4bn), to be fully subscribed by the investor consortium. An additional BRL 1.81bn ($340mn) issue (~25% of the offering), will only be open to existing shareholders, excluding the consortium. The second offering is expected to be priced on November 11, ahead of Cosan’s Q3 results.
Cosan’s 5.5% 2029s were trading higher by 1.7 points at 99.9, yielding 5.5%. However its shares dropped sharply by 18% on the fact that there would be a sharp dilution of minority shareholders.
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