Brazil's Machado, Meyer, Sendacz e Opice Advogados and White & Case LLP's São Paulo office have helped real estate developer Direcional Engenharia raise 274 million reais (US$156 million) in an initial public offering.
The bookrunners, Santander and Itaú, turned to Souza, Cescon, Barrieu & Flesch Advogados and Shearman & Sterling LLP in São Paulo. Both Machado Meyer and Souza Cescon ran the deal out of their Belo Horizonte offices, where Direcional is headquartered.
The offering, which closed on 9 December, saw Direcional sell 26 million shares at 10.5 reais per share, and was upsized to meet extra demand. According to the company, foreign investors bought 64 per cent of the shares offered.
Direcional, which focuses on low-income housing projects in Brazil's northern and central states, says it will use a third of the proceeds to buy land for new projects, a third to fund real estate development, and a third to maintain liquidity.
Last year Machado Meyer also helped Direcional sell a 25 per cent stake in the company to private equity group Tarpon Investmentos for US$150 million.
Counsel to Direcional Engenharia
US
· White & Case LLP
Partners Donald E Baker and Fernando J de la Hoz and associates Abraham Paul and John Guzman in São Paulo
Brazil
· Machado, Meyer, Sendacz e Opice Advogados
Partner Daniel de Miranda Facó in Sao Paulo and associates Ana Luiza Vieira Franca and Julia Barreto Lobo in Belo Horizonte
Counsel to the banks
US
· Shearman & Sterling LLP
Partner Andrew Jánszky and associates Claudio Oksenberg and Felipe Camara in São Paulo
Brazil
· Souza, Cescon, Barrieu & Flesch Advogados
Partner Ronald Herscovici in São Paulo and associates Frederico Viana Rodrigues and Bernardo Neiva in Belo Horizonte
SP
(Latin Lawyer 11.12.2009)
(Notícia na íntegra)
