Participating in one of the largest public equity deals in Latin America this year, Milbank, Tweed, Hadley & McCloy represented the underwriters in a $725 million (1.35 billion reais) equity offering by Brazil’s Fibria Celulose SA.

Davis Polk advised Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bradesco Securities, Inc. and Goldman, Sachs & Co. as joint bookrunners on the Rule 144A/Regulation S secondary offering of shares of Qualicorp S.A. The selling shareholders sold an aggregate of 45,972,391 common shares for a total of approximately $410 million.

The Firm recently represented the Republic of Peru in connection with its re-opening in simultaneous transactions of two series of sovereign bonds. The first re-opening totaling US$500 million related to the Republic’s SEC-registered 5.625% dollar-denominated global bonds due 2050 issued in 2010 in an aggregate principal amount of US$1 billion. Citibank and Deutsche Bank were underwriters for the transaction.

The Firm represented Goldman, Sachs & Co. and J.P. Morgan Securities LLC, as initial purchasers, in connection with an offering of U.S.$600 million aggregate principal amount of 5.25% Senior Notes due 2017 issued by Grupo Aval Acciones y Valores S.A.  The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933 and constituted Grupo Aval Acciones y Valores S.A.’s inaugural securities offering in the U.S. and other international capital markets.

The Firm recently represented the initial purchasers, led by J.P. Morgan, in a sale of $700 million of 8.250% Senior Notes due 2020 of JBS USA, LLC, a Delaware corporation, pursuant to Rule 144A and Regulation S.

Davis Polk advised BB Securities Ltd., BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Standard Chartered Bank as initial purchasers on the Tier 1 offering by Banco do Brasil S.A., acting through its Grand Cayman branch, of its 9.25% perpetual non-cumulative junior subordinated securities in an aggregate principal amount of $1 billion.

In one of the most significant cross-border financings involving Brazil’s offshore energy sector this  year, Milbank, Tweed, Hadley & McCloy LLP has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group.  The Brazilian energy and construction conglomerate is purchasing the drillship – to be built by Korea’s Samsung Heavy Industries – and will then charter it to Brazil’s Petrobras (Petróleo Brasileiro SA).  Schahin Group has also entered into an operating agreement with Petrobras.  Milbank advised joint lead arrangers The Export-Import Bank of Korea (Kexim), Mizuho Corporate Bank, WestLB AG and Standard Chartered Bank – along with a group of five other lenders from Europe and Asia.

Global law firm White & Case LLP represented Credit Suisse Securities (USA) LLC and Santander Investment Securities Inc., as initial purchasers and joint bookrunners, in connection with the offer and sale of US$1.75 billion 5.750% senior notes due 2021 by Centrais Elétricas Brasileiras SA – Eletrobras, the Brazilian government-controlled electricity generation, transmission and distribution holding company and the largest electricity generation and transmission company in Brazil. The notes were offered to qualified institutional buyers (as defined in Rule 144A under the US Securities Act of 1933, as amended) in the United States and institutional and other investors outside Brazil and the United States in accordance with Regulation S under the Securities Act.

In a deal reflecting its dual strengths in Latin America and the aviation industry, Milbank, Tweed, Hadley & McCloy LLP has represented long time client Brazilian airline GOL Linhas Aereas Inteligentes S.A. in a $100 million direct minority investment by Delta Airlines.  The investment was announced on December 7, together with a number of enhancements to strategic commercial co-operations.

The global law firm Jones Day has announced that Marcello Hallake has joined as a partner in the Firm’s São Paulo Office where he will be advising on mergers, acquisitions, and project financing deals. He arrives from the New York office of Thompson & Knight.