CPFL Energia’s $835.31 Million Capital Increase

Shearman & Sterling, Pinheiro Neto, Simpson Thacher & Bartlett, BMA – Barbosa, Müssnich, Aragão and Demarest advised on the deal

CPFL Energia S.A. executed its SEC-registered global follow-on offering of 116,817,126 common shares, including in the form of American depositary shares. Headquartered in Campinas, Brazil, CPFL is one of the largest energy distributors in Brazil in terms of gigawatt hours of electricity distributed to consumers.

The offering closed on June 14, 2019 and generated net proceeds to CPFL of approximately R$3,164.3 million (or $823.2 million), before expenses, after deducting underwriting commissions. The shares were offered to a limited number of professional investors in Brazil and internationally.

Santander Investment Securities and Itau BBA USA Securities acted as global coordinators of the offering, joined by Banco Bradesco BBI, Banco BTG Pactual and Morgan Stanley & Co. as joint bookrunners. Banco Itau BBA, Banco Santander, Banco Bradesco BBI, Banco BTG Pactual and Banco Morgan Stanley acted as Brazilian placement agents.

Shearman & Sterling advised CPFL Energia S.A. with David Flechner (Picture), Laurence Crouch, Philip Urofsky, Nathan Greene, Samantha Glover, Mariana Pacini, Eric Grosshandler, JB Betker, Alyssa Pont, Justin Reda, Diana Balassiano and Ahuva Weinreich.

In Brazil, Pinheiro Neto advised CPFL Energia S.A. with Fernando dos Santos Zorzo, Gustavo Ferrari Chauffaille, Francisca de Almeida Silva Pereira and Ana Clara Mattiello Sverzut.

Simpson Thacher & Bartlett advised the joint bookrunners with Grenfel S. Calheiros, Jonathan Cantor, Paulo Fernando de Menezes Cardoso , Siddharth Fresa and Abigail Hopper.

BMA – Barbosa, Müssnich, Aragão advised the joint bookrunners with Carlos Frederico Lucchetti Bingemer, Rodolfo Constantino de Tella, Julia Rodrígues, Alexandre Lindenberg, Juliana Monnerat Cordeiro, Laura Rocha and Bryan Klein.

Demarest advised State Grid Brazil Power Participações S.A. with Thiago Giantomassi, João Paulo Minetto, Julia Vázquez Tourinho, Marcelo Peloso and Rodrigo Tavares Bertholdo.

Involved fees earner: Rodolfo Constantino de Tella – Barbosa, Müssnich & Aragào; Laura De Oliveira Rocha – Barbosa, Müssnich & Aragào; Bryan Nathan Klein – Barbosa, Müssnich & Aragào; Carlos Frederico Lucchetti Bingemer – Barbosa, Müssnich & Aragào; Juliana Monnerat Cordeiro – Barbosa, Müssnich & Aragào; Júlia Rosa Rodrigues – Barbosa, Müssnich & Aragào; Alexandre Roscoe Lindenberg – Barbosa, Müssnich & Aragào; Thiago Giantomassi – Demarest; João Paulo Minetto – Demarest; Marcelo Peloso – Demarest; Julia Vázquez Tourinho – Demarest; Fernando dos Santos Zorzo – Pinheiro Neto; Gustavo Ferrari Chauffaille – Pinheiro Neto; JB Betker – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; David Flechner – Shearman & Sterling; Samantha Glover – Shearman & Sterling; Nathan Greene – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Mariana Pacini – Shearman & Sterling; Alyssa Pont – Shearman & Sterling; Justin Reda – Shearman & Sterling; Philip Urofsky – Shearman & Sterling; Grenfel Calheiros – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Paulo Fernando de Menezes Cardoso – Simpson Thacher & Bartlett; Siddharth Fresa – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett;

Law Firms: Barbosa, Müssnich & Aragào; Demarest; Pinheiro Neto; Shearman & Sterling; Simpson Thacher & Bartlett;

Clients: Banco Bradesco BBI S.A.; Banco Itau BBA; Banco Santander Brazil; Bradesco Securities; BTG Pactual; CPFL Energia S.A.; Itaú BBA USA Securities; Morgan Stanley; Santander Investment Securities Inc.; State Grid Brazil Holding S.A.;

Author: Ambrogio Visconti.