Companhia de Saneamento do Paraná – SANEPAR’s $315 Million Follow-On Equity Offering


Mayer Brown, Davis Polk & Wardwell and Lefosse Advogados advised on the transaction

Companhia de Saneamento do Paraná finalized the secondary, follow-on offering by the selling shareholders of a total of 18,846,177 units for an aggregate amount of approximately R$1.04 billion (approximately $315.7 million). Each unit is evidenced by a certificado de depósito de ações that represents one outstanding ação ordinária (common share) and four outstanding ações preferenciais (preferred shares) of SANEPAR. The units trade on the São Paulo Stock Exchange. The units sold in the international offering were placed under Rule 144A and Regulation S.

Itaú BBA and Bank of America Merrill Lynch acted as joint bookrunners.

SANEPAR is one of the largest basic sanitation companies in Brazil in terms of net operating revenue. It supplies water in 345 municipalities through approximately 52.4 thousand kilometers of piping and 3,068.2 million water connections, sewage collection and treatment services in 184 municipalities, all in the State of Paraná, Brazil.

Mayer Brown LLP advised Sanepar with David S. Bakst, George Baptista, Caio Cossermelli, Luiz Felipe Eustaquio, Milena Muradian, Caio Cossermelli, Carlos Motta, Paula Magalhães, Bruno Aurélio, Luiz Eustaquio, Beatriz Rocha and Rodrigo Braga.

Davis Polk advised the joint bookrunners with Maurice Blanco (Picture) and Konstantinos Papadopoulos. The tax team included Mario J. Verdolini and Liang Zhang.

Lefosse Advogados advised the Joint Bookrunners with Rodrigo Junqueira, Luciana Moutinho, Alicia Alves, Sylvie Cadier and Matheus Maiotto.

Involved fees earner: Rodrigo Azevedo Junqueira – Lefosse; Alicia Alves – Lefosse; Sylvie Cadier – Lefosse; Caio Cossermelli – Mayer & Brown; Carlos Motta – Mayer & Brown; Paula Magalhães – Mayer & Brown; Bruno Aurélio – Mayer & Brown; Luiz Felipe Eustaquio – Mayer & Brown; Beatriz Rocha – Mayer & Brown; David Bakst – Mayer & Brown; George Baptista – Mayer & Brown; Milena Muradian – Mayer & Brown; Ludmila Arruda Braga – Mayer & Brown; Maurice Blanco – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Liang Zhang – Davis Polk & Wardwell;

Law Firms: Lefosse; Mayer & Brown; Davis Polk & Wardwell;

Clients: Bank of America Merrill Lynch; Banco Itau BBA; Companhia de Saneamento do Paraná – SANEPAR;

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Author: Ambrogio Visconti.