Debt Profile and Ratings

Cosan | Debt Structure1 (1Q20)

Click here to access the Company’s debt structure slide.

Cosan S.A. Pro forma | Debt Profile¹

Debt Amortization Profile & Leverage

Average term: 4.0 years (6.2 years on holdco)

Note 1: Pro forma Debt Profile, based on 50% of Raízen, and does not include obligations with preferred shareholders.
Note 2: Normalized by Comgás’ Current Account and adjusted by Leases Liabilities (IFRS16)

           Main Financing Sources / USD Exposure

(USD Exposure / fully hedged up to maturity)

COSAN S.A. 2027 COVENANTS

  • Net Debt / Pro forma EBITDA:

< 1.5x – restricted payments up to 100% of Net income
WE ARE HERE  1.5x <> 2.5x restricted payments up to 75% of Net Income 
> 2.5x – restricted payments up to 50% of Net Income

 

 

 

 

  • Baskets for Restricted payments (all one-timers):

  1.  Dividends declared on exercises before Jan, 2016 => up to BRL 250 MM
  2.  Shares repurchases => up to BRL 250 MM
  3.  Dividends declared after Jan 1,2016 or Shares repurchases => up to BRL 100 MM

 

COSAN LIMITED 2029 COVENANTS

  • Limitation on Debt:

  1. Net Debt/Pro forma EBITDA < 3.5x

 

RATINGS

Global Outlook
S&P BB- Stable
Fitch BB Stable

Last update: June 5, 2020

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