Tuesday, 20th July 2010 by Emiliano Mellino
Shearman & Sterling LLP and Souza, Cescon, Barrieu & Flesch Advogados have helped Renova Energía issue US$85 million in shares, making it the first renewables company to launch in Brazil.
The IPO closed on 12 July and was coordinated by Banco Santander and Bank of America Merrill Lynch, which retained Machado, Meyer, Sendacz e Opice Advogados and Clifford Chance LLP as legal counsel.
"It was a challenging transaction given market volatility, but the quality of the issuer, leaders in Brazil in implementing wind energy projects, made the deal happen," says Clifford Chance partner Isabel Carvalho.
Robert Ellison, who led the Shearman and Sterling team agrees that the market conditions complicated the deal, "It is a difficult quarter for capital markets because the recent Banco de Brazil deal and the planned Petrobras offering are hovering over the market," he says, adding that that many companies are waiting until after the presidential elections to issue shares.
The IPO had originally been scheduled for March, but was scrapped due to volatile market conditions.
"Now they saw the opportunity and decided to take it," says Ellison.
Counsel to Renova
· Shearman & Sterling LLP
Partner Robert Ellison and associates Ana Absy, Gustavo Gonzalez and Luciana Fraga
· Souza, Cescon, Barrieu & Flesch Advogados
Partner Alexandre Barretos
Counsel to the banks
· Clifford Chance LLP
Partners Isabel Carvalho, Jon Zonis, Patrick Jackson and José Roque, and associate Juliana Dias
· Machado, Meyer, Sendacz e Opice Advogados
Partner Daniel de Miranda Facó and associates Ana Luiza Franco, Julia Barreto Lobo and Caio Gargione Habice Prado
(Latin Lawyer 20.07.2010)
(Notícia na Íntegra)