Brazil′′s Schahin Group, one of the country′′s largest engineering and construction companies, has restructured debt worth over US$475 million with 13 financial institutions.
The cross-border transaction closed on 23 December, which saw the syndicate-members′′ loan arrangements to eight of Schahin′′s companies restructured.
Pinheiro Neto Advogados represented Schahin, which also retained international counsel that included US firm Holland & Knight LLP and Panama firm Icaza, González-Ruiz & Alemán.
Machado, Meyer, Sendacz e Opice Advogados advised the arrangers of the deal, Banco Itaú BBA, Banco HSBC Brasil and Banco Votorantim, having represented the banks for a decade. The banks were also advised by US firm Proskauer Rose LLP.
"One of the challenges of the deal was to accommodate five structures within one set of documents and to meet the necessities of 13 banks," says Machado, Meyer partner Nei Schilling Zelmanovits.
The financing documents spanned over three jurisdictions, including US, English, and Brazilian law. The borrowers, guarantors and other credit providers also included member-groups from Panama.
"The complex multi-jurisdictional documentation and security package required a broad range of expertise within the financial institutions and law firms involved," explains David Fenwick, a partner at Proskauer Rose.
Icaza, Gonzalez-Ruiz of counsel Rodolfo Chiari agrees, describing the different jurisdiction laws as "the most interesting aspect of the transaction".
Germany′′s Deutsche Bank acted as the collateral agent in the deal, with a separate legal team from Machado, Mayer advising the bank′′s Brazilian arm Deutsche Bank-Banco Alemão. The US branch, Deutsche Bank Trust Company Americas, retained McCarter & English for the transaction.
Counsel to Banco Itaú BBA, Banco HSBC Brasil and Banco Votorantim
· In-house counsel to Banco Itaú BBA- André Sotnik and Juliana Galante
· In-house counsel to Banco Votorantim - Lívia Coelho
· In-house counsel Banco HSBC Brasil- Letícia Amaral
Brazil
· Machado, Meyer, Sendacz e Opice Advogados
Partner Nei Schilling Zelmanovits and associates Rafael Capelão Carretero and Marcos de Moraes Jarne
US
· Proskauer Rose LLP
Partners David Fenwick and Antonio N Piccirillo and associates Michael McCourt, Fábio Yamada and Alessandra de Souza Pinto
Counsel to Schahin group
· In-house counsel - João Alves Meira Neto and Viviane Fonseca
Brazil
· Pinheiro Neto Advogados
Partner Bruno Balduccini
US
· Holland & Knight LLP
Partner Anne-Mette Elkjær Andersen
Panama
· Icaza, González-Ruiz & Alemán
Partner Nora Jurado and Of Counsel Rodolfo Chiari
Counsel to Deutsche Bank- Banco Alemão
· Machado, Meyer, Sendacz e Opice Advogados
Partner Silvia Rajsfeld Fiszman and associates Fabrizio de Oliveira Sasdelli and Luiz Felipe Tovo
Counsel to Deutsche Bank Trust Company Americas
· McCarter & English LLP
Partner James Scantling
AS
(Latin Lawyer 27.01.2010)
(Notícia na Íntegra)
