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Bond Market News
Raizen Makes Progress on its Capital Injection Plan
February 25, 2026
Raizen’s controlling shareholders Shell and Cosan are said to be in advanced talks for a capital injection into the troubled company, as per sources. The talks include investments from PE funds managed by Banco BTG Pactual which would acquire a large stake of Raízen’s fuel distribution business for ~BRL 5.5bn ($1.05bn). The sources also noted that the discussions also focused on the percentage of Raízen’s debt that would be converted to equity, currently estimated at about 35%. The current capital increase plan is for Raizen to raise BRL 3-5bn ($680-970mn) from its current shareholders. Of this, Shell is expected to contribute BRL 1.5-3.5bn ($286-668mn) while Cosan is expected to inject about BRL 1bn ($190mn).
The sources noted that the plan also includes a potential corporate reorganization. Here, Raízen Energia which focuses on producing sugar and ethanol, would likely be split from the fuel distribution firm in which BTG would invest. This would help separate the cash flow of the two companies. Also, Raízen Energia would transfer part of its debt to the fuel distribution firm. The deal is said to include share offerings that aims to provide an exit for bondholders and creditors alike, whilst also including asset sales. However, the details and the numbers have not been finalized yet.
Raizen’s dollar bonds were trading higher, with its 6.45% 2034s higher by 1.3 points to trade at 47.4 cents on the dollar.
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