Ultrapar’s $500 Million Notes Offering

Davis Polk advised the initial purchasers in connection with a $500 million offering of 5.250% notes due 2029 by Ultrapar International S.A., which were issued pursuant to Rule 144A and Regulation S under the Securities Act.

The notes are unconditionally guaranteed by Ultrapar Participações S.A. and Ipiranga Produtos de Petróleo S.A.

Banco Bradesco BBI S.A., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and Santander Investment Securities Inc. acted as initial purchaser in the deal.

Ultrapar is a Brazilian company with over 80 years of history, with leading positions in the markets in which it operates, including LPG and fuel distribution and retail through Ultragaz and Ipiranga, respectively, operation of the Extrafarma drugstore chain, production of specialty chemicals through Oxiteno and liquid bulk storage services through Ultracargo.

The Davis Polk corporate team included Manuel Garciadiaz (Picture), Elliot M. de Carvalho and Richard Corbett. The tax team included David H. Schnabel and Summer Xia.

Involved fees earner: Elliot de Carvalho – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Banco Bradesco BBI S.A.; Citigroup Global Markets Ltd; Goldman Sachs & Co.; Itaú BBA USA Securities; Santander Investment Securities Inc.;

Author: Ambrogio Visconti