Unigel Group’s $646.6 Million Restructuring


Simpson Thacher & Bartlett, Felsberg Advogados, Machado, Meyer, Sendacz e Opice, Pinheiro Guimarães and Clifford Chance advised on the transaction

Unigel finalized the $646 Million Restructuring of its debt.

The complex restructuring was novel for the Brazilian market, comprising a corporate reorganization and an acquisition financing that was used to deleverage the economic group. Specifically, the financing was composed of four syndicated export prepayment facilities and six bilateral loan facilities secured by Brazilian assets to four borrowers and two guarantors of Unigel.

The facilities are part of a broader corporate restructuring involving the issuance of local debentures and the sale of a principal subsidiary to an investor.

The structure successfully aligned the interests of exiting and remaining lenders, as well as investors, suppliers and Unigel itself. It also provided the requisite comfort to remaining lenders, given the prospect of a de-levered company, by way of a conversion of US-dollar debt to local debt, which reduced foreign exchange risk while re-profiling bank debt into potentially more liquid Brazilian exchange-traded debentures.

Simpson Thacher & Bartlett advised Unigel Group with Jaime Mercado (Picture) Robert Holo, Soogy Lee, Tosca Augustin, M. Shin and Morgan Otway.

Felsberg Advogados advised Unigel Group with Thomas Felsberg and Maria da Graça Pedretti.

Machado, Meyer, Sendacz e Opice advised Banco do Brasil S.A., Banco Itaú Unibanco, Banco Santander (Brasil) S.A., Banco Bradesco S.A. and Banco Indusval S.A. with José Ribeiro do Prado Junior, Rafael Capelão Carretero, Louise Toledo Farias, Matheus Wassano Ishigaki and Carlo La Selva.

Pinheiro Guimarães advised Banco do Brasil S.A., Banco Itaú Unibanco, Banco Santander (Brasil) S.A., Banco Bradesco S.A. and Banco Indusval S.A. with Francisco J. Pinheiro Guimarães, Sergio Ramos Yoshino, María Carolina Ricciardi and Luiza Furtado.

Clifford Chance advised Banco do Brasil S.A., Banco Itaú Unibanco, Banco Santander (Brasil) S.A., Banco Bradesco S.A. and Banco Indusval S.A. with Christopher Willott, Jeffrey Susskind, Richard Mailey and Deborah Marmot.

Involved fees earner: Maria da Graça de Brito Vianna Pedretti – Felsberg Advogados; Thomas Benes Felsberg – Felsberg Advogados; Francisco Pinheiro Guimarães – Pinheiro Guimarães; Sergio Ramos Yoshino – Pinheiro Guimarães; José Prado Jr. – Machado, Meyer, Sendacz e Opice; Rafael Carretero – Machado, Meyer, Sendacz e Opice; Louise Toledo Farias – Machado, Meyer, Sendacz e Opice; Matheus Wassano Ishigaki – Machado, Meyer, Sendacz e Opice; Jaime Mercado – Simpson Thacher & Bartlett; Tosca Augustin – Simpson Thacher & Bartlett; M. Shin – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Hyang-Sook Lee – Simpson Thacher & Bartlett; Chris Willott – Clifford Chance; Jeffrey Susskind – Clifford Chance; Richard Mailey – Clifford Chance;

Law Firms: Felsberg Advogados; Pinheiro Guimarães; Machado, Meyer, Sendacz e Opice; Simpson Thacher & Bartlett; Clifford Chance;

Clients: Banco Bradesco BBI S.A.; Banco do Brasil; Itaù Unibanco; Banco Santander Brazil; Unigel S.A. ; Banco Indusval S.A.;

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Author: Ambrogio Visconti