Overview

• Cosan formalized an agreement to raise as much as R$10 billion through two primary offerings capped at 2 billion new shares.
• The first offer will issue 1.45 billion shares, expandable by up to 25%, with BTG, Perfin and the controlling holders anchoring R$7.25 billion at R$5 per share.
• The second offer may sell up to 550 million shares at the same price with priority rights based on positions as of September 19, subject to the overall cap.
• Proceeds are earmarked exclusively to renegotiate and repay financial debt to reduce leverage and restore financial flexibility.
• Anchors accepted a four-year lock-up on at least half of the first-offer shares, while investors and advisers are voicing dilution concerns reported at roughly 77% and preparing potential legal responses; an assembly will be convened within days for approval.