Brazil's largest integrated shopping mall company, BR Malls, has launched a public offer to repurchase bonds it issued overseas.
The offer was made on 25 November, with BR Malls taking legal advice from Machado, Meyer, Sendacz e Opice Advogados in Brazil, Davis Polk & Wardwell in the US, and Maples and Calder in the Cayman Islands.
Citibank acted as underwriter to the offer, and was represented by Cleary Gottlieb Steen & Hamilton LLP.
Cleary associate Catherine Skulan says, "The offer allows the company to use incremental available cash to deleverage. The offer will establish a price level through an auction, which is somewhat novel for debt tenders by Latin American issues, and is a useful device for conducting price discovery in a volatile market."
Cleary associate Catherine Skulan says, "The offer allows the company to use incremental available cash to deleverage. The offer will establish a price level through an auction, which is somewhat novel for debt tenders by Latin American issues, and is a useful device for conducting price discovery in a volatile market."
BR Malls owns 34 shopping malls, as well as management and leasing services to 26 malls.
The bonds under the repurchase offer have a value of US$30 million.
The bonds under the repurchase offer have a value of US$30 million.
Counsel to BR Malls
Brazil
Machado, Meyer, Sendacz e Opice Advogados
Partners Eliana Ambrósio Chimenti and Nei Schilling Zelmanovits and associates Joana Paula Cardozo and Diego Alejandro Costa Marchant
US
Davis Polk & Wardwell
Partners Manuel Garciadiaz and Michael Farber and associates Helio Alvarez Michael Farber and Nancy Chen
Cayman Isles
Maples and Calder
Partner Kieran Walsh
Counsel to Citibank
Cleary Gottlieb Steen & Hamilton LLP
Partners David Lopez and Erika Nijenhuis and associate Sergiu Troie, Catherine Skulan and Olivier De Moor
(Latin Lawyer 28.11.2008)