Suzano Priced US$1bn 5.500% 2036 Unsecured Notes

Proceeds fund tender offers and extend maturity profile, though 2029s remain preferred on relative value

On September 3, 2025, Suzano Netherlands B.V., guaranteed by Suzano S.A., priced US$1 billion senior unsecured notes due January 2036 at 98.714 to yield 5.667%, equivalent to T+145bps. This came tighter than the +150bps guidance and well inside the +180bps initial price talk. The coupon was set at 5.500%, with semiannual payments beginning January 15, 2026. The bonds are rated Baa3/BBB-/BBB-.

The notes are governed by New York law and feature a make-whole call at T+25bps plus accrued and unpaid interest until October 15, 2035, after which a par call applies. They also include an 85% clean-up call provision. Gross proceeds totaled US$987.1 million (before fees and expenses). Proceeds will be used to repurchase Suzano’s 2026 and 2027 notes pursuant to ongoing tender offers, followed by potential make-whole redemptions, subject to market conditions.