Brazil's Pinheiro Neto Advogados and Shearman & Sterling LLP's São Paulo office have helped real estate developer Rossi Residencial raise 928 million reais (US$527 million) in an initial public offering on the international markets.
Machado, Meyer, Sendacz e Opice Advogados and Skadden, Arps, Slate, Meagher & Flom LLP advised the underwriting banks, consisting of Credit Suisse, Bradesco BBI and Santander.
"The main challenge was to complete the transaction in a very tight timeframe to enable Rossi to tap the market and price the deal in one month," says Pinheiro Neto partner Henrique Lang. "The successful outcome of the transaction was reflected in the company's decision to increase the offer size by 20 per cent."
Rossi sold 66 million shares in a primary offering that closed on 1 October, with a supplementary offering of 8.25 million shares closing a week later.
The company will use the proceeds from the IPO to acquire more land for construction of lower-income residential properties in 2010, to take advantage of demand arising from the Brazilian government's US$15.5 billion Minha Casa, Minha Vida housing programme.
Counsel to Rossi Residencial
Brazil
• Pinheiro Neto Advogados
Partner Henrique Lang and associates Luiz Rafael de Vargas Maluf and Alexandre Rios
US
• Shearman & Sterling LLP
Partner Andrew Janszky and associates Ana Absy and Luciana Fraga in São Paulo
Counsel to Credit Suisse, Bradesco BBI and Santander
Brazil
• Machado, Meyer, Sendacz e Opice Advogados
Partners Daniel de Miranda Facó and Eliana Ambrósio Chimenti and associates Laura Westin and Bruna Passos Piagentini
US
• Skadden, Arps, Slate, Meagher & Flom LLP
Partner Richard Aldrich in São Paulo and Eric Sensenbrenner in Washington, DC
SP
(Latin Lawyer 21.10.2009)
(Notícia na Íntegra)