FOR IMMEDIATE RELEASE
Milbank advises Bank of America Merrill Lynch, Credit Suisse and Citigroup in sale of five-year senior unsecured notes
BUENOS AIRES, ARGENTINA, May 7, 2012 – In another major capital markets transaction in Latin America, Milbank, Tweed, Hadley & McCloy LLP has served as legal advisor to the initial purchasers in a $146 million Rule 144A/Regulation S debt offering by leading Latin American restaurant operator Arcos Dorados Holdings Inc.
The notes represent a reopening of Arcos’ 10.25% five-year senior unsecured notes originally offered in July 2011. The reopened notes, priced at $275 million Brazilian reais, mature on July 13, 2016.
The company is using the proceeds – along with existing five-year-notes also sold in 2011 – for capital expenditures and other general corporate purposes.
Arcos is the largest fast food chain in Latin America and Caribbean and the largest McDonald’s franchisee worldwide in terms of systemwide sales and number of restaurants. The company operates and franchises some 1,840 McDonald’s eateries across the region, from Argentina, Brazil, Mexico, Chile and Colombia, to Aruba, Costa Rica, Panama, Puerto Rico, Martinique, Uruguay, the Virgin Islands and Venezuela, among other countries and territories.
The Milbank deal team included Marcelo Mottesi, head of the firm’s Securities group, along with Securities partner Paul Denaro, associate Matthew Vidal and international attorney Santiago Noguerol. Tax partner Andrew Walker provided tax advice.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of our clients by offering a highly integrated and collaborative range of services across key practice groups throughout our global network. Milbank’s integrated practice is underpinned by our attorneys’ acknowledged technical excellence, sectoral expertise and a strong tradition of innovation and client service.
