Pinheiro Neto and TozziniFreire act on Azul equity issuance
Pinheiro Neto advised the issuer; TozziniFreire advised the initial purchase acting as Brazilian counsels on the issuance by Azul of 723,861,340,715 new common shares and 723,861,340,715 new preferred shares for an aggregate R$ 7,441,550,992.27, consisting of R$ 97,915,144.64 for the newly issued common shares and R$ 7,343,635,847.63 for the newly issued preferred shares.
The offering was an integral part of the company’s restructuring plan under Chapter 11 of the United States Bankruptcy Code. The offering was intended to implement the mandatory capitalization of certain indebtedness of the company through the issuance of equity in connection with the Plan, including the mandatory equitization of the company’s senior secured notes, in accordance with the terms and conditions approved in the restructuring proceedings.
Simultaneously with the offering, shares in the form of the company’s American depositary receipts and the related subscription warrants were privately placed outside Brazil exclusively with certain creditor entities acting for the benefit of the company’s noteholders, in transactions exempt from or not subject to registration under the U.S. Securities Act of 1933, as amended, including pursuant to Section 1145 of the United States Bankruptcy Code and/or Regulation S of the Securities Act.
Pinheiro Neto Advogados advised Azul, relied on partners Guilherme Sampaio Monteiro (pictured left); Giuliano Colombo, Joamir Müller Romiti Alves, Jorge F. Lopes, Caroline Guazzelli Queiroz Gomes, Carolina Kiyomi Iwamoto, senior associates Cristina Liu, Marcello Mammocci Pompilio, Julia Barbosa Campos, Ana Beatriz Araujo Ribeiro do Valle, Gustavo Ferreira de Campos, Ana Beatriz Passos Dos, associates Elena Carvalho Carrasco, Gabriela Kaneshiro Pereira, Pedro Henrique Geenen Cota, Henrique Sampaio Hennies Pratas da Costa, João Vinícius Lourenço Dutra, Luiza Barreto Juppa Salvaterra Dutra, Maria Beatriz Junqueira Oliveira de Barros, legal assistants Vitória Costa Nassar, Paulo Machado de Carvalho Filho and Lucas Consentino.
Hogan Lovells (Azul Counsel) relied on partner Jonathan Lewis.
Davis Polk & Wardwell LLP (Azul Counsel) relied on partners Manuel Garciadiaz, Timothy Graulich, counsels Konstantinos Papadoupoulos, Jarret Erickson and associate Alexandre Diniz.
TozziniFreire acted as a Brazilian counsel to UBS BB Corretora de Câmbio, Títulos e Valores Mobiliários and relied on partner Daniel Laudisio (pictured right); counsel Sara de Pádua Abdu; associate Marina Maia de Souza; intern João Guilherme Echeverria Peralta.
