Cleary Gottlieb acted for BNDES on its Rule 144A/Reg S offering of $1.0 billion 4.750% green notes due 2024.
Banco Nacional de Desenvolvimento Econômico e Social, BNDES, is the Brazilian development bank, its goal is to provide long-term financing for the country’s development.
The bond offering was assigned a green bond assessment by an independent opinion provider based on the issuer’s commitment to allocate an amount equal to the proceeds to finance new and existing renewable energy projects in wind and solar energy power.
Bank of America Merrill Lynch, Credit Agricole and JPMorgan were joint bookrunners on the transaction. The notes are listed on the Luxembourg Stock Exchange’s Green Exchange and traded on the Euro MTF market.
Partners Nicolas Grabar in New York and London-based Raj Panasar, Andrew Shutter and Richard Sultman led the Cleary Gottlieb team advising BNDES.