Brazil's Machado, Meyer, Sendacz e Opice Advogados and White & Case LLP in the US are advising on a a US$350 million bond exchange by meat company Bertin, in preparation for its take over by Brazil's largest meat group, JBS.
Pinheiro Guimarães - Advogados in Brazil and US firm Shearman & Sterling LLP are acting for underwriter Santander in the exchange, the consent solicitation for which was completed on Wednesday.
White & Case comes to the deal having previously JBS' legal advisor, while Machado Meyer has traditionally acted for Bertin.
As part of the merger, JBS will assume obligation for repayment of Bertin's securities, and is offering bondholders a cash payment of US$25 per US$1000 worth of their holding in order to amend the terms of the contract governing the bonds, and have the freedom to make future modifications.
JBS says the existing terms of the contract would impose greater restrictions on its business activities that it would normally accept from a bond issuance it had made itself.
The offer relates to Bertin's issuance of 10.25 per cent securities due to mature in 2016.
If the merger of JBS and Bertin is not completed before 12 March next year, then Bertin will continue to be subject to the existing terms of the issuance.
Counsel to Bertin and JBS
        Machado, Meyer, Sendacz e Opice Advogados
Partner Mauro César Leschziner and associate Diana Pacifico Henne
       White & Case LLP
Partner Donald E Baker and associate Victor Mendoza
Counsel to Santander
        Pinheiro Guimarães – Advogados
Partner and Plínio Pinheiro Guimarães and Beatriz Maria Pereira de Souza Fortuna
        Shearman & Sterling LLP
Partner Stuart Fleischmann associates Tobias Stirnberg and Kevin Younai
(Latin Lawyer 27.11.2009)
(Notícia na Íntegra)