Firm Represents Initial Purchasers in issue by General Shopping Brasil of $150 Million Perpetual Subordinated Fixed-to-Floating Rate Notes with Interest Deferral Option
04.05.12
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The Firm recently represented Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman, Sachs & Co. as joint book-runners in connection with the offering by General Shopping Investments Limited of $150 million 12.00% Perpetual Subordinated Fixed-to-Floating Rate Notes with Interest Deferral Option. The issue was unconditionally guaranteed by General Shopping Brasil S.A. and certain of its subsidiaries. This was the first subordinated hybrid perpetual notes offering by a corporate issuer in Latin America.
General Shopping is a leader in the shopping center industry in Brazil. It owns or operates 14 shopping centers and 1,582 stores strategically located in the south and southeast regions of Brazil, which accounted for more than 70% of Brazilian gross domestic product.
The Simpson Thacher team included Jaime Mercado, Thiago Spercel, Gustavo Pinto and Nicolás Ferré (Capital Markets – Brazil); and Jonathan Cantor and Chang Won Choi (Tax).