Milbank LLP has advised six international financial institutions in the US$600 million issuance of hybrid notes by Brazilian petrochemicals company Braskem S.A. This is the first hybrid debt instrument issued by a Brazilian corporate issuer (non-financial institution) in over a decade, with 50% equity treatment by Standard & Poor's and Fitch Ratings.
Milbank previously advised initial purchasers in Braskem's US$2.25 billion dual-series notes issuances and concurrent liability management in October 2019 and US$1.75 billion dual-series notes issuances in October 2017. Milbank had also advised the initial purchasers in the then first ever corporate hybrid bond out of Brazil, by energy company Energisa S.A., in 2010/11.
The Milbank team was led by São Paulo Capital Markets partner Tobias Stirnberg with associates Alexia Raad and Marina Carvalho Rodriguez; and Tax partner Andrew Walker with associate David Hanno.
Originally published by Milbank, July 2020
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