Suzano S.A’s $500 Million Sustainability-Linked Senior Notes Reopening

Cleary Gottlieb represented Suzano S.A., while Paul Hastings LLP advised the underwriters on the deal. Pinheiro Guimarães acted as Brazilian counsel to the underwriters.

Suzano Austria GmbH and its parent guarantor, Suzano S.A., the world’s leading producer of eucalyptus pulp and one of Latin America’s largest paper producers, announced the reopening of sustainability-linked notes.

An aggregate amount of US$500 million of the Global Notes due 2031 were issued at a rate of 3.75%, representing a reopening of the series originally issued in September 2020. BofA Securities, Inc. and J.P. Morgan Securities LLC were the global coordinators, along with joint bookrunners Banco Bradesco BBI S.A., Banco Safra S.A., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., Rabo Securities USA, Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. The transaction settled on November 19, 2020, with the proceeds used for general corporate purposes and debt repayment.

The Global Notes are characterized as sustainability-linked bonds with environmental key performance indicators associated with the goal of reducing Suzano’s carbon emissions by 2025, as part of Suzano’s commitment and strategic vision aligning business competitiveness with sustainable development.

Partner David Flechner (Picture) led the Paul Hastings team, which also included associates Carlos Ruiz and Diana Balassiano, with support from partner David Makso and associate Robert Wilson.

Pinheiro Guimarães acted as Brazilian counsel to the underwriters with a team led by partners Cristina Tomiyama and Francisco J. Pinheiro Guimarães, and associates Camila Ohno and Jonas Vilhena Cunha Assumpção.

The Cleary corporate team advising Suzano on the transaction included partner Juan Giráldez, associate Luisa Franciss Galliez, international lawyer Felipe Neves and Jonathan Mendes de Oliveira, based in São Paulo. Partner Jason Factor, senior attorney David Stewart Fisher and law clerk Zhiyuan Zuo provided tax advice out of New York.

Involved fees earner: Felipe Costa Neves – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Luisa Franciss Galliez – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Diana Balassiano – Paul Hastings; David Flechner – Paul Hastings; David Makso – Paul Hastings; Carlos Ruiz – Paul Hastings; Robert Wilson – Paul Hastings; Camila Ohno – Pinheiro Guimarães; Francisco Pinheiro Guimarães Neto – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães;

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

Clients: Banco Bradesco BBI S.A.; Banco Safra; Bank of America Securities; BNP Paribas; Credit Agricole Securities (USA) Inc.; Goldman Sachs & Co.; Itaú BBA USA Securities; J.P. Morgan Securities LLC; Mizuho Securities; MUFG Securities Americas Inc. ; Rabo Securities; Santander Investment Securities Inc.; Scotia Capital Inc.; SMBC Nikko Securities America; Suzano S.A.; XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.;

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Author: Ambrogio Visconti.