The Firm recently represented BTG Pactual US Capital LLC, Morgan Stanley & Co. LLC, BES Investimento do Brasil S.A. – Banco de Investimento and Safra Securities LLC, as agents of the Brazilian underwriters Banco BTG Pactual S.A., Banco ABC Brasil S.A., BES Investimento do Brasil S.A. – Banco de Investimento, Banco J. Safra S.A. and Banco Morgan Stanley S.A., in connection with a R$1,065,000,000 offering of IPCA plus 8.00% Debentures due 2028 by Concessionária Rodovias do Tietê S.A. The Debentures are governed by Brazilian law and were structured to be qualified as “Infrastructure Debentures” pursuant to Brazilian Law No. 12,431, which provides some tax benefits to holders of such Infrastructure Debentures, including an income tax rate of 0% for certain persons residing abroad and for natural persons domiciled in Brazil, The offering was publicly registered in Brazil and made to qualified institutional buyers in reliance on Rule 144A and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
Concessionária Rodovias do Tietê S.A. holds the concession and operates and maintains the Marechal Rondon East Corridor, consisting of an approximate 178 km stretch of the SP-300 highway, other four highways, two bypasses and eighteen access roads, for an aggregate of 406 km of roadway, which connect, among others, the cities of Bauru, Piracicaba and Campinas in the State of São Paulo, Brazil.
The Simpson Thacher team for this transaction included Alan Brenner, Todd Crider, Grenfel Calheiros, Rodrigo Surcan dos Santos, Matthew Tappin and former International Associate Manuela Rodrigues Lisboa (Corporate); and Robert Holo and Vanessa Cohen (Tax). Summer Associate Elizabeth Romefelt also provided valuable assistance.
