Companhia Brasileira de Alumínio’s R$1.4 Billion Initial Public Offering

Cleary Gottlieb represented Companhia Brasileira de Alumínio S.A. (CBA) and selling shareholder Votorantim S.A. (Votorantim) in CBA’s initial public offering in Brazil.

The offering raised approximately R$1.4 billion in gross proceeds and consisted of a primary offering of 62.5 million common shares and a secondary offering of 62.5 million common shares by Votorantim. The shares offered were priced at R$11.20 per share on July 13, 2021, and were listed on the Novo Mercado segment of the São Paulo Stock Exchange (B3). The offering was registered before the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM),  and the shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

The international placement agents were BofA, BTG Pactual, Bradesco BBI, Citigroup,  XP and UBS.

CBA is a Brazilian aluminum company that operates from bauxite mining to the production of primary and semi-fabricated aluminum products, as well as recycling activities.

The Cleary corporate team from São Paulo included partner Juan Giráldez (Picture), counsel Jonathan Mendes de Oliveira, associate Luisa Franciss Galliez, and international lawyer Ana Gonçalves. Counsel J.J. Gifford and associate Adriana De Bartolo advised on tax matters from the New York office.

Involved fees earner: Adriana de Bartolo – Cleary Gottlieb Steen & Hamilton; Luisa Franciss Galliez – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Ana Gonçalves – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Companhia Brasileira de Alumínio S.A. ; Votorantim S.A.;