Suzano S.A.’s US$750 Million Bond Offering

Linklaters and Pinheiro Guimarães advised BNP Paribas Securities Corp., BofA Securities Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Rabo Securities USA Inc., Scotia Capital (USA) Inc. on the transaction. Cleary Gottlieb represented Suzano S.A. and its Austrian wholly-owned finance company Suzano Austria GmbH.

Suzano S.A. made a SEC-registered offering of US$750 million 3.750% Global Notes due 2031, as well as cash tender offers for all outstanding 5.250% Guaranteed Notes due 2024, 4.000% Guaranteed Notes due 2025, and 5.750% Guaranteed Notes due 2026 issued by subsidiaries of Suzano.

The new bonds are being issued under Suzano’s Sustainability-Linked Securities Framework which sets out certain sustainability targets including reducing greenhouse emissions. Failure to meet the target will result in a 0.25 percentage point increase to the interest rate payable on the new bonds beginning on July 16, 2026.

Suzano, a leading Brazilian pulp and paper producer, is the first in the emerging markets to incorporate the ICMA Sustainability-Linked Bond Principles. The principles outline best practices for financial instruments to incorporate forward-looking outcomes and promote integrity in the development of the ESG market.

The Linklaters team was led by partners Matthew Poulter (Picture) and Gabriel Silva alongside counsel Alejandro Gordano and associates Emma Cano and Marcelo Lopes. Counsel Matthew Brigham and associate Vasudha Anil Kumar supported tax matters on the transaction.

Pinheiro Guimarães team included Cristina Tomiyama (partner), Camila Ohno (associate), Giuliano Giuzio (associate), and Jonas Vilhena Cunha Assumpção (associate).

The Cleary corporate team on the transaction included partner Juan Giráldez, counsel Jonathan Mendes de Oliveira, associates Andrea Lavourinha, Luisa Franciss Galliez and law clerk Steven Diaz. Partner Jason Factor, senior attorney David Stewart Fisher, and law clerk Zhiyuan Zuo provided tax advice.

Involved fees earner: Jason Factor – Cleary Gottlieb Steen & Hamilton; Luisa Franciss Galliez – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Vasudha Anil Kumar – Linklaters; Matthew Brigham – Linklaters; Emma Cano – Linklaters; Alejandro Gordano – Linklaters; Marcelo Lopes – Linklaters; Matthew Poulter – Linklaters; Gabriel Silva – Linklaters; Giuliano Giuzio – Pinheiro Guimarães; Camila Ohno – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães;

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

Clients: Bank of America Securities; BNP Paribas Securities; Credit Agricole Securities (USA) Inc.; JP Morgan Securities; Mizuho Securities; Rabo Securities; Scotia Capital Inc.; Suzano Austria GmbH; Suzano S.A.;

Author: Ambrogio Visconti