Milbank LLP advised Itaú BBA, J.P. Morgan, Morgan Stanley, Bradesco BBI, BTG Pactual, Citigroup and Santander, as initial purchasers, in the Rule 144A/Regulation S offering of US$500 million 9.000% sustainable and sustainability-linked senior notes due 2031 by Aegea Saneamento e Participações S.A. and in the subsequent US$300 million retap offering. Aegea Saneamento e Participações S.A. is the largest privately-owned water and sewage service provider in Brazil.
The sustainability targets selected for the notes involve reduced energy consumption in the company’s water production and distribution and sewage collection and treatment services and an increase in the percentage of leadership positions filled by women and black employees, in each case, by 2030.
The Milbank teams advising the initial purchasers on the Aegea offerings were led by partner Tobias Stirnberg (Corporate Finance and Securities, São Paulo) and included partners Andrew Walker (Tax, New York), Joel Krasnow (Executive Compensation and Employee Benefits, New York) and Catherine Leef Martin (Alternative Investments, New York), as well as associates Alexia Raad, Lays Lima Dutra, Elora Farias and Caio Junqueira de Brito (Corporate Finance and Securities, São Paulo) and David Hanno (Tax, New York).
