Davis Polk advised Tonon Bioenergia S.A. and its wholly owned subsidiary Tonon Luxembourg S.A. on its offer to exchange any and all of its outstanding US$300 million 9.250% senior notes due 2020 for new step-up senior notes due 2020. Tonon has completed early settlement of the exchange offer with participation by 94.6% of the aggregate outstanding principal amount of the existing notes. The exchange offer will remain open to eligible holders who have not validly tendered their existing notes until July 13, 2015.   

Davis Polk also represented Tonon in connection with a related secured loan under which certain institutional investors and holders of existing notes agreed to loan Tonon up to US$70 million.      

Tonon is a Brazilian sugar, ethanol and energy producer with operations in the southeast and midwest regions of Brazil. Tonon is headquartered in the state of São Paulo, Brazil, and operates three mills in Bocaina, in the state of São Paulo, Maracaju, in the state of Mato Grosso do Sul and Brotas, in the state of São Paulo.    

The Davis Polk corporate team included Manuel Garciadiaz, Timothy Graulich, Damian S. Schaible, Konstantinos Papadopoulos, Daniel M. Silberger, Adam B. VanWagner and Caitlin L. Wood. Lucy W. Farr, Kathleen L. Ferrell and Lena X. Qiu provided tax advice. Members of the Davis Polk team are based in the New York, London and São Paulo offices. 

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