IG4 bids for Raizen debt to secure majority stake via 45% debt-to-equity swap

Private equity firm IG4 Capital has made an offer to buy debt issued by Brazilian sugar and ethanol producer Raizen SA as it seeks to gain control. The move is tied to a proposed restructuring that would convert 45% of Raizen’s debt into about 80% of equity. By accumulating enough debt, IG4 aims to hold just over 50% of the company once the swap is completed, according to people familiar with the matter.