Milbank LLP is the most active international law firm advising on cross-border debt capital markets transactions by Brazilian issuers in 2024. We have advised the issuers or initial purchasers in six of the 12 international corporate bond offerings by Brazilian issuers priced through early April 2024, for a total of US$3.7 billion. These offerings include representations in the following investment grade and high-yield bonds, including green bonds and the sustainability-linked bonds offerings tied to sustainability targets and environmental performance indicators for the issuers:
- 3R Petroleum e Participações S.A., a Brazilian oil and gas exploration and production company, in connection with its inaugural offering of US$500 million 9.750% senior secured notes due 2031. This was the first inaugural high-yield debt offering by a Brazilian company since 2022.
- FS Luxembourg S.à.r.l., in connection with its offering of US$500 million 8.875% senior green notes due 2031, unconditionally and irrevocably guaranteed by FS Indústria de Biocombustíveis Ltda. ("FS Bio") and FS I Indústria de Etanol S.A. FS Bio is a low-cost, low-carbon producer of biofuels (corn ethanol), animal nutrition products and renewable energy in Brazil.
- CSN Resources S.A. in the US$200 million reopening of its 8.875% notes due 2030, unconditionally and irrevocably guaranteed by Companhia Siderúrgica Nacional, one of the largest fully integrated steel producers in Brazil and Latin America in terms of crude steel production.
- The initial purchasers in the investment grade bond offering of US$1 billion 6.450% green notes due 2034 and US$500 million 6.950% green notes due 2054 by Raizen Fuels Finance S.A., unconditionally and irrevocably guaranteed by Raízen S.A. and Raízen Energia S.A. Raízen S.A. is one of the leading integrated energy companies in the world and the third largest energy company in Brazil, operating in all stages of the biofuels and renewable energy sector value chain, from "soil-to-consumer."
- The initial purchasers in connection with the investment grade bond offering of US$500 million 5.750% sustainability-linked notes (SLBs) due 2034 by Saint Mary Cement Inc. (Canada), unconditionally and irrevocably guaranteed by Votorantim Cimentos S.A. Votorantim Cimentos is the largest and one of the most profitable basic building materials companies in Brazil. It is also the seventh largest cement company in the world in terms of installed capacity, excluding China and Taiwan, with a portfolio that includes not only cements, but also concretes, mortars and aggregates.
- Movida Europe S.A. in its offering of US$500 million 7.850% notes due 2029, unconditionally and irrevocably guaranteed by Movida Participações S.A. and Movida Locação de Veículos S.A., the second largest car rental and fleet management company in Brazil.
