U.S.J. - Açúcar e Álcool S.A. ANNOUNCES EXTENSION OF THE ELECTION SOLICITATION FOR ITS 9.875% SENIOR NOTES DUE 2019, 9.875%/12.00% SENIOR SECURED PIK TOGGLE NOTES DUE 2021 AND 9.875%/10.500% SENIOR SECURED PIK TOGGLE NOTES DUE 2023

SÃO PAULO, March 14, 2022 /PRNewswire/ -- U.S.J. – Açúcar e Álcool S.A. (the "Company"), announced today that it has extended its previously announced solicitation of recovery elections (the "Election Solicitation") from the holders of the 9.875% Senior Notes due 2019, 9.875%/12.00% Senior Secured PIK Toggle Notes due 2021 and 9.875%/10.500% Senior Secured PIK Toggle Notes due 2023 issued by the Company (the "Notes") for the purpose of allowing the holders to make a Recovery Election for the payment of their respective Notes in connection with the Company's judicial restructuring plan (the "RJ Plan").

In the context of the Company's restructuring process, the Election Solicitation seeks primarily to allow holders to decide whether to receive their claims through the Alternative Payment Option or Default Recovery, as defined in the Election Solicitation statement of the Company, dated December 28, 2021 (the "Election Solicitation Statement"). Holders who select the Alternative Payment Option are expected to receive their claims under the Notes in Payment in Kind, which will be effected through the exchange of the Notes for an interest in a Liquidating Trust to be created by the Ad Hoc Group of holders (collectively, the "Ad Hoc Group"). Holders who do not elect to choose the Alternative Payment Option or do not submit a valid Election Recovery, will have their claims restructured and paid in accordance with Default Recovery. 

Holders of the Notes are referred to the Election Solicitation Statement, for the detailed terms and conditions of the Election Solicitation with respect to the Notes. The Election Deadline is amended to 5:00 p.m. (New York City time) on April 2, 2022. The Company, in consultation with the Ad Hoc Group, reserves the right to further extend any such deadline. All Recovery Elections previously delivered will remain so delivered, and no other action with respect to such Recovery Elections is required. The Election Solicitation is made solely by means of the Election Solicitation Statement. The Election Solicitation Statement contains important information that holders of Notes should carefully read before any decision is made with respect to the Election Solicitation. Terms not defined in this press release shall have the meaning ascribed to them in the Election Solicitation Statement.

Our obligation to accept the Recovery Elections validly delivered is conditioned upon satisfaction of certain conditions as described in the Election Solicitation Statement, including the receipt of the Recovery Elections. We may, in consultation with the Ad Hoc Group, terminate the Election Solicitation, allow the Election Solicitation to lapse, extend the Election Solicitation and continue soliciting Recovery Elections pursuant to the Election Solicitation or otherwise amend the terms of the Election Solicitation, including the waiver of any or all of the conditions set forth in the Election Solicitation Statement.

The Company reserves the right, in consultation with the Ad Hoc Group, to modify the Election Solicitation Statement and the terms and conditions of the Election Solicitation or to terminate its Election Solicitation at any time.

Any questions or requests for assistance or for copies of the Election Solicitation Statement or related documents may be directed to the Solicitation Agent at its telephone number set forth below.

The Solicitation Agent for the Election Solicitation is:
D.F. King & Co., Inc.
Toll Free: +1 (866) 797-6867
All Others Call:  +1 (212) 269-5550
E-mail: [email protected] 

THIS PRESS RELEASE IS NEITHER AN OFFER TO SELL NOR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY. THIS ANNOUNCEMENT IS ALSO NOT A SOLICITATION OF RECOVERY ELECTIONS. NO RECOMMENDATION IS MADE AS TO WHETHER HOLDERS OF THE NOTES SHOULD MAKE ANY RECOVERY ELECTION.

Important Notice Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements. Statements that are not historical facts, including statements about our perspectives and expectations, are forward looking statements. The words "expect", "believe", "estimate", "intend", "plan" and similar expressions, when related to the Company and its subsidiaries, indicate forward-looking statements. These statements reflect the current view of management and are subject to various risks and uncertainties. These statements are based on various assumptions and factors, including general economic, market, industry, and operational factors. Any changes to these assumptions or factors may lead to practical results different from current expectations. Excessive reliance should not be placed on those statements. Forward-looking statements relate only to the date they were made and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

SOURCE U.S.J. - Açúcar e Álcool S.A.

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