Azul’s $362 Million Secondary Offering


Pinheiro Neto, Shearman & Sterling, Jones Day, Skadden and Lefosse advised on the transaction

Azul S.A., closed its follow-on offering by its selling shareholders of 40,630,186 of Azul’s preferred shares in a global offering, consisting of an international offering and a Brazilian offering.

The preferred shares were offered directly and in the form of American depositary shares, or ADSs, each of which represents three preferred shares. The Brazilian offering of 8,018,839 preferred shares and the international offering of 10,870,449 ADSs (representing 32,611,347 preferred shares) both closed on September 19, 2017.

One of the selling shareholders also granted the underwriters a 30-day option to purchase up to 4,063,019 additional preferred shares, which was exercised on September 15, 2017.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc., Banco do Brasil Securities LLC, Banco Bradesco BBI S.A., J.P. Morgan Securities LLC, Raymond James & Associates, Inc. and Santander Investment Securities Inc. acted as underwirters.

Pinheiro Neto Advogados advised Azul and the following selling shareholders: Saleb II Founder 1, LLC; Star Sabia LLC; WP- New Air LLC; ZDBR LLC; Maracatu LLC , Trip Investimentos Ltda.; Trip Participações S.A. and Rio Novo Locações Ltda. with a team including Henrique Lang (Picture), Guilherme Sampaio Monteiro, Gustavo Ferrari Chauffaille, Julia Campos and Ana Clara Sverzut.

Shearman & Sterling advised Azul, Trip Participações S.A. and Rio Novo Locações Ltda. with Stuart K. Fleischmann, Flavio Averbug, Mariana Pacini, Yoon-Jee Kim, Samantha Glover and Francisco Cebada.

Jones Day advised Maracatu LLC with Stephen E. Gillette.

Skadden advised the underwriters with Filipe Areno, J. Mathias von Bernuth, Lauren R. Bennett, Jairo C. Lamatina, Julien P. Apollon and Darius Banani.

In Brazil, Lefosse advised the underwriters with Ricardo Prado, Mauricio Paschoal and Alícia Alves.

Involved fees earner: Ricardo Prado – Lefosse; Mauricio Paschoal – Lefosse; Alicia Alves – Lefosse; Henrique Lang – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto; Gustavo Ferrari Chauffaille – Pinheiro Neto; Filipe Areno – Skadden Arps Slate Meager & Flom; Mathias von Bernuth – Skadden Arps Slate Meager & Flom; Lauren Bennett – Skadden Arps Slate Meager & Flom; Jairo Lamatina – Skadden Arps Slate Meager & Flom; Julien Apollon – Skadden Arps Slate Meager & Flom; Darius Banani – Skadden Arps Slate Meager & Flom; Stephen Gillette – Jones Day; Stuart Fleischmann – Shearman & Sterling; Flavio Averbug – Shearman & Sterling; Yoon-jee Kim – Shearman & Sterling; Samantha Glover – Shearman & Sterling; Francisco Cebada – Shearman & Sterling;

Law Firms: Lefosse; Pinheiro Neto; Skadden Arps Slate Meager & Flom; Jones Day; Shearman & Sterling;

Clients: Citigroup Global Markets Ltd; Deutsche Bank; Deutsche Bank Securities; JP Morgan; JP Morgan Securities; Banco Bradesco BBI S.A.; Banco do Brasil; Banco Itau BBA; Itaú BBA USA Securities; Banco Santander Brazil; Raymond James Financial, Inc.; Azul Linhas Aéreas Brasileiras SA; Santander Securities ; Banco J. Safra S.A.; Saleb II Founder 1, LLC; Star Sabia LLC; WP- New Air LLC; ZDBR LLC; Maracatu LLC; Trip Investimentos Ltda.; Trip Participações S.A.; Rio Novo Locações Ltda.;

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Author: Ambrogio Visconti.