NEW YORK, October 28, 2011 – International law firm Milbank, Tweed, Hadley & McCloy, LLP, led by Global Securities partners Marcelo Mottesi and Paul Denaro, represented Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Itau BBA USA Securities Inc. and Credit Suisse Securities (USA) LLC, as underwriters in the follow-on sale of shares of Arcos Dorados Holdings Inc. (“Arcos Dorados”). The underwriters fully exercised their over-allotment option to purchase a total of 44,475,958 shares from the selling shareholders raising US$978 million.
Arcos Dorados is the world’s largest McDonald’s franchisee with more than 1,700 restaurants throughout Latin America. The company achieved revenues of US$3.0 billion during 2010, with Adjusted EBITA of US$299 million. Arcos Dorados’ restaurants represented 5.1% of McDonald’s global sales in 2010.
“Milbank is pleased to be involved in this high-profile transaction which underscores Arcos Dorados’ continued growth and profitability track for 2011,” commented Mr. Denaro.
Milbank also served as Underwriters’ counsel in the Arcos Dorados’ private placement of R$400 million (US$255 million) Brazilian-real-denominated notes in July 2011, as well as the Arcos Dorados’ US$1.25 billion IPO in April 2011 and US$450 million debt issuance in 2009.
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