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Bond Market News
Raizen Pitches Restructuring Plan to Lenders, Sources Say
April 2, 2026
Raizen is said to have pitched a $12.6bn restructuring plan to its lenders, as per sources. They noted that it may plan to convert at least 45% of its debt into equity and potentially give creditors ownership of up to 70% of the company’s shares. The plan is said to include a breathing space of five to eight years before debt repayments kick in, and aims to reduce its leverage to 3.0-3.5x EBITDA, from its current 5.3x. It is also potentially expected to lead the path for splitting its sugar and ethanol unit from the fuel distribution businesses.
Raizen’s dollar bonds were trading stable with its 6.45% 2034s at 54.9 cents on the dollar, yielding 16.2%.
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