Milbank LLP advised a syndicate of banks led by BofA Securities, Citigroup, Itaú BBA, J.P. Morgan and Morgan Stanley, as initial purchasers, in connection with the offering of US$1 billion 6.700% notes due 2037 and the US$750 million reopening of the offering of 6.950% green notes due 2054, based on Rule 144A/Regulation S under the Securities Act, by the Raízen group.
Milbank also advised the coordinators in connection with the concurrent US$154.3 million cash tender offer for any and all of Raízen Fuel Finance’s outstanding 5.300% senior notes due 2027.
Raízen, a joint venture between Cosan and Shell, operates within an integrated business ecosystem, from sugarcane cultivation to the sale, logistics, and distribution of fuels and sugar. The company has over 46,000 employees, 35 mills, and 68 distribution terminals in Brazil, in addition to being present in ports and airports. As a Shell brand licensee, it has a network of over 8,000 reseller stations in Brazil, Argentina, and Paraguay. In retail, it operates with Grupo Nós, a joint venture with FEMSA Comercio, managing Shell Select stores and OXXO markets.
The Milbank team advising the banks on the transactions was led by Corporate Finance and Securities partner Tobias Stirnberg, and included associates Marina Carvalho Rodrigues and Lays Lima Dutra and international attorney Stefania Toschi. The deal team also included Tax partner Andrew Walker and Tax associates Michelle Song and Blake Rocks.
