Cogna Educação’s $600 Million Equity Offering

Davis Polk and Mattos Filho advised Cogna Educação S.A. in connection with its equity offering, while Simpson Thacher and Pinheiro Neto advised the Placement Agents.

Cogna Educação S.A. completed an equity offering of 232,358,004 common shares for an aggregate amount of approximately R$2.6 billion (approximately $600 million). The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

Itau BBA USA Securities Inc., BTG Pactual US Capital, LLC, Morgan Stanley & Co. LLC, Bradesco Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as placement agents for the offering.

Cogna Educação is the largest private for-profit educational company operating in Brazil, serving over 866,000 postsecondary students through 176 proprietary postsecondary education units and 1,410 accredited distance learning centers located in all Brazilian states. Cogna Educação also provides core and complementary solutions and digital services within the primary and secondary education business in Brazil, serving over 36,000 students enrolled in 54 proprietary or managed schools, 26,000 students in 125 Red Balloon units and 1.3 million students served by approximately 3,400 associated schools.

The Davis Polk corporate team included Manuel Garciadiaz (Picture) and Lourenço Lopes-Sabino. The tax team included Lucy W. Farr and M. Jared Sanders. Matthew R. Silver provided 1940 Act advice.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised Cogna Educação S.A. with Jean Arakawa, Vanessa Fiusa, Luciana Lorenzo, Henrique Antunes, Guilherme Bouzan and Gabriela Rabelo.

The Simpson Thacher team was led by Grenfel S. Calheiros and included Paulo F. Cardoso, Siddharth Fresa and Victor Clementino (Capital Markets); and Jonathan Cantor and Edward Grais (Tax).

In Brazil, Pinheiro Neto advised the placement agents with Henrique Silva Gordo Lang, Guilherme Sampaio Monteiro,  Paula Rodrigues, Julia Barbosa Campos and Nina Goldman Cavalcanti.

Involved fees earner: Lucy Farr – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell; Jared Sanders – Davis Polk & Wardwell; Matthew Silver – Davis Polk & Wardwell; Jean Marcel Arakawa – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Gabriela Castro Rabelo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Henrique Ferreira Antunes – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Vanessa Fiusa – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Guilherme Martins Bouzan – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Luciana Pietro Lorenzo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Julia Barbosa Campos – Pinheiro Neto; Paula Regina Fernandes Rodrigues – Pinheiro Neto; Henrique Lang – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto; Grenfel Calheiros – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Victor Clementino – Simpson Thacher & Bartlett; Paulo Fernando de Menezes Cardoso – Simpson Thacher & Bartlett; Siddharth Fresa – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pinheiro Neto; Simpson Thacher & Bartlett;

Clients: Bradesco Securities; BTG Pactual US Capital, LLC; Cogna Educação S.A.; Credit Suisse Securities (USA) LLC; Itaú BBA USA Securities; J.P. Morgan Securities LLC; Morgan Stanley; Santander Investment Securities Inc.;

Author: Ambrogio Visconti.