Machado, Meyer, Sendacz e Opice Advogados has advised a syndicate of banks in refinancing the loan which allowed Canada’s Brookfield Asset Management to take control of Brazilian hydropower group Itiquira Energética in 2008.
Pinheiro Guimaraes - Advogados acted for long-term client Brookfield in the refinancing, which closed on 18 December and saw 370 million reais (US$214 million) of debt refinanced through a five-year loan.
As well as acting for a lending syndicate of Banco Calyon, Banco WestLB do Brasil and Banco Votorantim, a separate Machado, Meyer team advised Deutsche Bank Banco Alemão in its role as collateral agent.
The refinancing was structured in reais, with the parties working with Canadian development agency Export Development Canada (EDC) to design a deal structure which was workable under both Brazilian and Canadian law.
Machado Meyer′′s Fabrizio de Oliveira Sasdelli explains, "The borrower issued a bond denominated in reais, which was the first transaction of this type made by EDC in Brazil. As such, the legal aspects of this structure were among the main challenges to this transaction, as it required accommodating EDC´s policies to the Brazilian regulations applicable to bonds issued by Brazilian entities abroad."
Counsel to Itiquira Energética
·         In-house counsel - Carlos Gustavo Nogari Andrioli
·         Pinheiro Guimaraes – Advogados
Partner Francisco José Pinheiro Guimarães and associates Lucimar Gomes Sant´Anna and Monica Guimarães Homrich
·         Goodmans LLP
Associate Michael Bertrand
Counsel the banks
·         In-house counsel to Banco Calyon Brasil - Elise Romeu
·         In-house counsel to Banco WestLB do Brasil - Felipe Barbosa da Silveira e Silva
·         In-house counsel to Banco Votorantim - José Roberto Salvini and Pedro Darahem Mafud
·         Machado, Meyer, Sendacz e Opice Advogados
Partners José Ribeiro do Prado Júnior and Eduardo Avila de Castro and Associates Fabrizio de Oliveira Sasdelli, Ricardo de Lima Assaf, Maria Júlia Menezes de Toledo Florencio and Luiz Felipe Petrillo Tovo
Counsel to Deutsche Bank Banco Alemão
·         Machado, Meyer, Sendacz e Opice Advogados
Partner Silvia Rajsfeld Fiszman
Counsel to Export Development Canada
·         In-house counsel - William Doyle
·         Gowlings Lafleur Henderson LLP
Partner Guy David and Associate Alison Babbitt
(Latin Lawyer 11.01.2010)
(Notícia na Íntegra)