Simpson Thacher Represents Underwriters in Initial Equity Offering by Energias do Brasil
07.25.05
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Simpson Thacher recently represented UBS, Banco Itaú and Banco Pactual as underwriters in the initial equity offering of common shares by EDP - Energias do Brasil S.A. The transaction raised the U.S. dollar equivalent of approximately $178 million in proceeds for the company. In connection with the offering, the company also capitalized approximately $288 million in debt held by its controlling shareholder, EDP - Energias de Portugal S.A. Using a structure increasingly common in Brazilian equity transactions, the common shares were offered to the public in Brazil, with selling efforts to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in Europe under Regulation S.
Energias do Brasil is one of the principal electricity distributors in the Brazilian states of São Paulo, Espírito Santo and Mato Grosso do Sul. The company also has significant generation assets and a growing energy trading business. Its controlling shareholder Energias de Portugal is the principal electricity company of Portugal.
The Simpson Thacher team for the transaction consisted of Todd Crider, John Ericson, Carlos Motta, Gonçalo Godinho and summer associate Heloisa Griggs (corporate), Jonathan Cantor and Hallie Grainer (tax), and Mark Lab and Sean Cotton (blue sky).