Brazil:
Milbank Advises Initial Purchasers In Inaugural Issuance Of Hybrid Notes Out Of Brazil
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Milbank LLP has advised six international financial institutions
in the US$600 million issuance of hybrid notes by Brazilian
petrochemicals company Braskem S.A. This is the first hybrid debt
instrument issued by a Brazilian corporate issuer (non-financial
institution) in over a decade, with 50% equity treatment by
Standard & Poor's and Fitch Ratings.
Milbank previously advised initial purchasers in Braskem's
US$2.25 billion dual-series notes issuances and concurrent
liability management in October 2019 and US$1.75 billion
dual-series notes issuances in October 2017. Milbank had also
advised the initial purchasers in the then first ever corporate
hybrid bond out of Brazil, by energy company Energisa S.A., in
2010/11.
The Milbank team was led by São Paulo Capital Markets partner Tobias Stirnberg with associates Alexia
Raad and Marina Carvalho Rodriguez; and Tax partner Andrew Walker with associate David Hanno.
Originally published by Milbank, July 2020
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