Group Globo’s $500 Million Notes Offering

Pinheiro Guimarães advised Globo Comunicação e Participações S.A. Cescon Barrieu and Cleary Gottlieb represented Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., and Santander Investment Securities Inc. as initial purchasers. International counsel to Globo was Debevoise & Plimpton.

Globo completed the issuance and sale of 4.875% Senior Notes due 2030 in the international capital markets, in the total amount of US$ 500 million. The deal closed on January 22, 2020. The financial institutions acting as initial purchasers were Goldman Sachs, Itaú BBA and Santander.

The transaction reinforces the leadership of Globo Group in the national media and entertainment industry and the market’s confidence in the Company’s balance sheet strategy and stability

The main purpose of the deal was to reprofile Globo’s debt, and the proceeds from offer will be used to repurchase – through the first tender offer made by the Company – its 4.875% notes due 2022, in the total amount of up to US$300 million, and otherwise to general corporate purposes.

Globo is the largest media group in Brazil and controls the leading broadcast television network and the leading pay-TV programmer in Brazil, as well as a diversified group of publishing, Internet content and music label companies.

Pinheiro Guimarães advised Globo in the deal with a team led by partners Plinio Pinheiro Guimarães N. (Picture) and Roberta Pimentel. Tax partner Daniela Fassheber, senior associate Júlia Benvenuto and associates Laura Costa and Pedro Votre were also part of the team.

The Cleary team included partner Juan Giráldez and associates Rita Sobral and Maria Clara Troncoso from the São Paulo office. Partner Jason Factor, senior attorney David Stewart Fisher, and associates David Maranjian and Michael Sims provided tax advice from the New York office.

Involved fees earner: Jason Factor – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; Rita Sobral – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Maria Clara Troncoso – Cleary Gottlieb Steen & Hamilton; Júlia Benvenuto – Pinheiro Guimarães; Roberta Giamattey Pimentel Fonseca – Pinheiro Guimarães; Daniela Melo Fassheber – Pinheiro Guimarães; Pedro Mourão Votre – Pinheiro Guimarães; Laura Norbert Costa – Pinheiro Guimarães; Plinio Pinheiro Guimarães (n) – Pinheiro Guimarães;

Law Firms: Cleary Gottlieb Steen & Hamilton; Pinheiro Guimarães;

Clients: Globo Comunicación e Participações S.A.; Goldman Sachs & Co.; Itaú BBA USA Securities; Santander Investment Securities Inc.;

Author: Ambrogio Visconti.