Milbank LLP advised issuers and placement agents in two initial public offerings and two follow-on equity offerings with a total value of almost R$10.0 billion and covering various key sectors in the Brazilian economy.
Details on the transactions:
- Milbank represented Companhia de Concessões Rodoviárias (CCR), a Brazilian transport company, in the Rule 144A/Regulation S follow-on primary offering of common shares, totaling approximately R$4.1 billion (approximately US$1.3 billion). CCR manages 10 toll road concessions in Brazil, and is the country’s largest concessionaire in terms of revenue. CCR’s portfolio includes airports in Ecuador, Costa Rica, Curaçao and Brazil. The Milbank team included Capital Markets partners Tobias Stirnberg and Fabiana Y. Sakai and Tax partner Andrew Walker. The transaction closed on February 9, 2017.
- Milbank represented Movida Participações S.A. in its R$586.5 million initial public offering under Rule 144A and Regulation S. Movida is Brazil's second largest rental car company and a wholly-owned subsidiary of logistics company JSL S.A. The Milbank team included Capital Markets partners Tobias Stirnberg and Fabiana Y. Sakai and Tax partner Andrew Walker. The transaction closed on February 10, 2017.
- Milbank represented the placement agents, Credit Suisse, Itaú BBA, Bradesco BBI, BB Investimentos, BTG Pactual, JP Morgan and Santander in the R$2.4 billion follow-on offering of preferred shares and common shares issued by Lojas Americanas S.A. (LASA) based on Rule 144A and Regulation S. LASA is one of the leading retail companies in Brazil. The Milbank team was led by Capital Markets partners Tobias Stirnberg and Fabiana Y. Sakai along with associates Michael Cooper and Brandon Jang. The team also included Tax partner Andrew Walker and Executive Compensation and Employee Benefits Group associate Joel Krasnow. The transaction closed on March 14, 2017.
- Milbank represented IRB Brasil Resseguros, Brazil’s largest reinsurance company, and the selling shareholders (including Banco do Brasil, Itaú, Bradesco and certain Brazilian government entities), in its R$2.0 billion initial public offering under Rule 144A and Regulation S. The Milbank team was led by Capital Markets partners Tobias Stirnberg and Fabiana Y. Sakai along with associates Alexia Raad and Marcella Gurgel. The team also included Tax partner Andrew Walker, Alternative Investments special counsel Catherine Martin and Executive Compensation and Employee Benefits associate Joel Krasnow. The transaction closed on August 2, 2017.
Mr. Stirnberg said: “Brazil remains a key region in our Latin American practice, despite the slowdown of the economy in the country in recent years and political uncertainty. The fact that we have participated in four out of the nine equity offerings that closed in Brazil this year and also our participation in three additional equity offerings that did not go forward reflects Milbank’s prominence as a go-to adviser for leading Brazilian businesses and global financial institutions in handling the most important capital markets deals originating in the country.”
