Monday, 12th March 2012 by Joe Rowley

Machado, Meyer, Sendacz e Opice Advogados has helped Fonte Nova Participações, the company overseeing the construction of Brazil’s Arena Fonte Nova football stadium, issue debentures worth 94 million reais (US$53.3 million).

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados advised the underwriter - Banco Santander – in the transaction that closed at the start of March.

Partner Pablo Sorj says the transaction is “one of very few non-recourse financings of a PPP project in Brazil” and involved reviewing the PPP structure, as well as the existing financing and collateral package.

The other lenders are Banco do Nordeste do Brasil and state development agency Desenbahia. Both lenders and debenture holders will share the collateral package and do not receive a completion guarantee from the sponsors.

Fonte Nova is a joint venture company between Odebrecht and OAS that won the PPP contract to build and operate the Fonte Nova Arena for the 2014 World Cup.

Counsel to Fonte Nova Participações

Machado, Meyer, Sendacz e Opice Advogados

Partners Mauro Penteado and Alberto Faro, and associate Antonio Paulo Kubli Vieira

Counsel to Banco Santander

In house counsel - Isabela da Fonseca Fernandes and Amanda Maria Alves da Silva

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Partner Pablo Sorj and associates Marcelo Carvalho Cardoso and Bernardo Môcho

(Latin Lawyer 12.03.2012)

(Notícia na Íntegra)