Itaú Unibanco Holding’s $700 Million Notes Offering


Shearman & Sterling, Clifford Chance and Pinheiro Neto advised on the transaction

Itaú Unibanco Holding SA has priced its offering of Tier 1 subordinated perpetual notes in $700 million to be issued on Feb. 27 at a fixed rate of 4.625% until the fifth anniversary of the issuance.

The interest on the notes will be applicable until Feb. 27, 2025, after which time the coupon will be reset every five years based on the prevailing rate for the United States Treasury bonds for the same tenor.

Banco BTG Pactual S.A. – Cayman Branch, Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC acted as dealers on the offering.

Shearman & Sterling advised Itaú Unibanco Holding S.A. with Roberta Berliner Cherman (Picture), Thomas Lemouche, Stuart K. Fleischmann, Nathan Greene, Laurence (Larry) Crouch. Asociados Eric Grosshandler, Daniel Kachmar, Thomas Donegan, James Duncan, Woo-Suk Hong and Elias Allahyari.

Clifford Chance advised BofA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch, Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC with Shane Meckler, Anand Saha, Matthew Cramer.

Pinheiro Neto Advogados advised BofA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch, Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC with José Luiz Homen de Mello and Leonardo Baptista Rodrigues Cruz.

Involved fees earner: Shane Meckler – Clifford Chance; Anand Saha – Clifford Chance; José Luiz Homem de Mello – Pinheiro Neto; Leonardo Baptista Rodrigues Cruz – Pinheiro Neto; Elias Allahyari – Shearman & Sterling; Roberta Berliner Cherman – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; James Duncan – Shearman & Sterling; Stuart Fleischmann – Shearman & Sterling; Nathan Greene – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Thomas Lemouche – Shearman & Sterling; Woo Suk Hong – Shearman & Sterling;

Law Firms: Clifford Chance; Pinheiro Neto; Shearman & Sterling;

Clients: Banco BTG Pactual S.A. – Cayman Branch; Bank of America Securities; Goldman Sachs & Co.; Itaú BBA USA Securities; Itaù Unibanco; JP Morgan Securities;