DLA Piper has represented Rioprevidencia (Rio de Janeiro’s state-owned pension fund) as sponsor, as well as the State of Rio de Janeiro, in a 144A/Reg S $2bn (£1.1bn) securitisation of oil royalties, the first-ever cross-border transaction of its kind in Brazil.
The international offering was launched together with a local debenture offering limited to Brazilian qualified institutional investors in accordance with CVM Instruction 476. The Rule 144A/Reg S international offering raised $2bn, while the Brazilian offering raised approximately $1bn. This is the first-ever international securitisation of Brazilian oil royalties, making it a landmark transaction.
The DLA Piper team representing Rioprevidência and the State of Rio de Janeiro was led by Gianluca Bacchiocchi, a partner in the corporate and finance practice in New York and Chicago.
Other members of the team were Jeffrey Susskind (Sao Paulo); Christina Houston (Wilmington); Mark Friedman (Baltimore); Gerald Rokoff, Jack Kantrowitz and Witold Jurewicz (New York); and Tonya Gauff (Chicago).
The firm also worked in co-operation with independent Brazilian firm Campos Mello Advogados, including partner Roberto Viana Barros and associates Jorge Gallo and Fabiana Marcondes.