Azul’s $600 Million Senior Notes Offering

Shearman & Sterling advised Azul and its affiliates Azul Linhas Aéreas Brasileiras S.A. and Azul Investments LLP in connection with the offering, while Davis Polk advised the initial purchasers.

Azul executed its US$600 million aggregate principal amount of 7.250 percent senior notes due 2026. The notes were issued by Azul Investments and guaranteed by Azul and Azul Linhas.

The issuance was underwritten in a syndicated transaction that included Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Banco BTG Pactual S.A. – Cayman Branch, Itau BBA USA Securities, Inc., Banco Safra S.A. – Cayman Islands Branch and UBS Securities LLC.

Azul is the largest airline in Brazil in terms of departures and cities served and in 2020 was named “Best Airline in the World” by Trip Advisor.

The Shearman & Sterling team included Stuart K. Fleischmann (Picture), Roberta Cherman, Larry Crouch, John J. Cannon, Paul Schreiber, Thomas Majewski, Robert Powel, Debora Ayoub, Francisco Alverne, supported by Gabriela Laufer and Marina Mendes Correa.

Shearman & Sterling worked closely with Joanna Portella, Azul’s General Counsel, Azul’s local Brazilian firm Pinheiro Neto Avogados and Azul’s special Delaware counsel K&L Gates.

The Davis Polk capital markets team included Manuel Garciadiaz, Konstantinos Papadopoulos, James Vickers and Lourenco Lopes-Sabino. The tax team included Po Sit.

Involved fees earner: Debora Ayoub – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; James Vickers – Davis Polk & Wardwell; John Cannon III – Shearman & Sterling; Roberta Cherman – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Stuart Fleischmann – Shearman & Sterling; Thomas Majewski – Shearman & Sterling; Robert Powel – Shearman & Sterling; Paul Schreiber – Shearman & Sterling; Francisco Zaninotto Mont’ Alverne – Shearman & Sterling;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling;

Clients: Azul Linhas Aéreas Brasileiras SA; Banco BTG Pactual S.A. – Cayman Branch; Banco Safra; Citigroup Global Markets Ltd; Itaú BBA USA Securities; J.P. Morgan Securities LLC; Morgan Stanley; Santander Investment Securities Inc.; UBS Securities LLC;

Author: Martina Bellini