S.A.C.I. Falabella’s $550 Million Global Equity Offering


Davis Polk & Wardwell, Carey, Barros & Errázuriz Abogados, Cleary Gottlieb Steen & Hamilton and Garrigues advised on the transaction

The transaction consisted of a primary offering of 49.67 newly issued common shares and a secondary offering of 21 million issued common shares of the company owned by Inversiones Los Olivos SA. The offering was conducted as a private placement under Rule 4(a)(2) of the Securities Act of 1933 and in reliance on Regulation S outside of the United States.

The transaction priced on October 18, 2018, closed on October 23, 2018.

S.A.C.I. Falabella is a leading multiformat retail company in Chile, with operations in Peru, Colombia, Argentina, Brazil, Uruguay, and Mexico. Its business is comprised of department stores, home improvement stores, supermarkets, credit card services, real estate, and other businesses. Through its complementary banking business segment, the company provides consumer financing, credit cards, savings and checking accounts, and mortgage loans.

In US, Davis Polk & Wardwell advised S.A.I.C. Falabella with Nicholas A. Kronfeld (Picture), Michael Farber, Jennifer Ying Lan, Isabel Rivera, Dao Fu, Tomislava Dragicevic and Sijia Cai.

In Chile, Carey advised S.A.I.C. Falabella with Cristián Eyzaguirre, Francisco Guzmán, Patricia Silberman, Giannina Veniú and Yoel Magendzo.

Cleary Gottlieb represented the placement agents J.P. Morgan, BofA Merrill Lynch, Credicorp Capital, and Larrain Vial on the offering.

Cleary advised with a team including Adam Brenneman, Olivia Espy, David Stuckey and María Belén Pironi.

Cleary Gottlieb Steen & Hamilton LLP (Nueva York y Buenos Aires): Socio Adam Brenneman. Asociados Olivia Espy y David Stuckey. Abogada internacional María Belén Pironi.

In Chile, Garrigues advised the placement agents with Pedro García, José Domingo Penafiel, Eduardo Santos, Constanza Velásquez and Fernanda Jara.

Barros & Errázuriz advised the selling shareholders Inversiones Los Olivos S.A. with Bernardo Simian, Miguel Villagrán and Santiago Benítez.

Involved fees earner: Cristián Eyzaguirre – Carey; Francisco Guzmán – Carey; Patricia Silberman – Carey; Giannina Veniu – Carey; Yoel Magendzo – Carey; Bernardo Simian – Barros & Errázuriz Abogados; Miguel Villagrán – Barros & Errázuriz Abogados; Santiago Benítez – Barros & Errázuriz Abogados; Nicholas Kronfeld – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell; Isabel Rivera – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Dao Fu – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Sijia Cai – Davis Polk & Wardwell; Pedro García Morales – Garrigues; Eduardo Santos Guzmán – Garrigues; Constanza Velásquez Cabrera – Garrigues; José Domingo Peñafiel – Garrigues; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Olivia Charlotte Espy – Cleary Gottlieb Steen & Hamilton; Belen Maria Pironi – Cleary Gottlieb Steen & Hamilton; David Stuckey – Cleary Gottlieb Steen & Hamilton;

Law Firms: Carey; Barros & Errázuriz Abogados; Davis Polk & Wardwell; Garrigues; Cleary Gottlieb Steen & Hamilton;

Clients: Bank of America Merrill Lynch; JP Morgan; Credicorp Capital; Larraín Vial S.A.; SACI Falabella; Inversiones Los Olivos SA;

Author: Ambrogio Visconti