Arcos Dorados’ $265 Million Notes Offering and Cash Tender Offer for Its 2023 Notes


Davis Polk & Wardwell, Maples and Calder, O’Neill & Borges, Milbank, TozziniFreire, Bruchou, Fernández Madero & Lombardi and Ritch, Mueller, Heather y Nicolau have advised on the deal

Arcos Dorados Holdings Inc. completed the offering of $265 million aggregate principal amount of its 5.875% senior notes due 2027. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S and are guaranteed by certain subsidiaries of Arcos Dorados.

Headquartered in Montevideo, Uruguay, Arcos Dorados is the world’s largest McDonald’s franchisee in terms of system-wide sales and number of restaurants, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 Latin American and Caribbean countries and territories.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. acted as Dealer Managers and initial purchasers.

Davis Polk advised Arcos Dorados Holdings Inc. with a team including Maurice Blanco (Picture) and associate Hillary A. Coleman. Partner Rachel D. Kleinberg and associate M. Brett Cameron are providing tax advice. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Preeti Krishnan provided 1940 Act advice.

Maples and Calder has advised Arcos Dorados Holdings Inc. with Kieran Walsh and Ruairi Bourke.

O’Neill & Borges has advised Arcos Dorados Holdings Inc. with Julio Pietrantoni.

Milbank, Tweed, Hadley & McCloy has advised the Initial Purchasers with Marcelo Mottesi, Andrew Walker, Jonathon Jackson, Mojdeh Pourmahram, Michael Cooper and Michael Goon.

TozziniFreire the Initial Purchasers with Kenneth Antunes Ferreira, Alexei Santana Bonamin and Felipe Tulio de Paiva.

Bruchou, Fernández Madero & Lombardi has advised the Initial Purchasers with Analía Battaglia, Andrés Chester and Juan Ignacio Massun.

Ritch, Mueller, Heather y Nicolau has advised the Initial Purchasers with Luis Nicolau, Gabriel Robles Beistegui and Luis Miguel Posadas Yáñez.

Involved fees earner: Julio Pietrantoni – O’Neill & Borges; Analía Battaglia – Bruchou, Ferna?ndez Madero & Lombardi; Andrés Chester – Bruchou, Ferna?ndez Madero & Lombardi; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Gabriel Robles Beistegui – Ritch, Mueller, Heather y Nicolau, SC; Luis Miguel Posadas Yáñez – Ritch, Mueller, Heather y Nicolau, SC; Kenneth Antunes Ferreira – Tozzini Freire ; Alexei Bonamin – Tozzini Freire ; Felipe Tulio de Paiva – Tozzini Freire ; Kieran Walsh – Maples and Calder LLP; Ruairi Bourke – Maples and Calder LLP; Maurice Blanco – Davis Polk & Wardwell; Hillary Coleman – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Brett Cameron – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Preeti Krishnan – Davis Polk & Wardwell; Marcelo Mottesi – Milbank; Jonathon Jackson – Milbank; Mojdeh Pourmahram – Milbank; Michael Goon – Milbank; Andrew Walker – Milbank;

Law Firms: O’Neill & Borges; Bruchou, Ferna?ndez Madero & Lombardi; Ritch, Mueller, Heather y Nicolau, SC; Tozzini Freire ; Maples and Calder LLP; Davis Polk & Wardwell; Milbank;

Clients: Citigroup Global Markets Ltd; JP Morgan Securities; Arcos Dorados Holdings, Inc.;

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Author: Ambrogio Visconti.