SÃO PAULO April 18, 2011 – The international law firm Milbank, Tweed, Hadley & McCloy, LLP, led by São Paulo-based partners Tobias Stirnberg and Andrew Janszky, represented the underwriters Itau BBA, BTG Pactual and Bradesco BBI in the sale of shares in Gerdau SA (“Gerdau”), Latin America’s largest steelmaker. The total offering size was 5.54 billion reais (US$3.48 billion), making this offering the world’s fifth largest equity offering and the third largest follow-on offering this year. The offering contemplated the side-by-side public sale of preferred shares, including in the form NYSE-listed ADS, and the private placement of common shares, with priority subscription rights to existing shareholders. The proceeds will help support Gerdau’s capital structure and to fund its investment plan. Additional Milbank attorneys involved in this transaction include partner Richard Sharp (New York) from the firm's regulatory team, and associates Felipe Camara (São Paulo) and Michael Kurzer (New York).
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Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance, project finance, acquisition finance, and other major fields of law practice. Milbank litigation and arbitration teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo, and Washington, DC.