Demarest counsels TGS on Notes offering and credit
Demarest has counselled the TGS group, on Brazilian law matters, in connection with the 13.50% senior secured notes due 2030, for a total amount of US$ 550,000,000, issued by the Norwegian entity, TGS ASA, and guaranteed by the Brazilian subsidiary, TGS do Brasil Ltda., and other subsidiaries located in different jurisdictions.
The offering of the Notes in the international capital markets was made pursuant to Rule 144A and Regulation S under the U.S. Securities Act.
Concurrently with the Offering, Demarest advised the TGS group, on Brazilian law matters, in connection with the new super senior secured credit agreement entered into by TGS ASA, as borrower, and certain subsidiaries of TGS ASA, including the Brazilian subsidiary TGS do Brasil Ltda, as guarantors, which includes a revolving credit facility providing for borrowings of up to US$150 million, one or more guarantee facilities, bank guarantees and bid and performance bonds of up to US$20 million (which may be extended up to US$30 million in certain circumstances) and an amortizing term loan of US$45 million.
The transaction was signed on November 20 and completed on December 3, and involved the jurisdictions of Brazil, the US, the UK and Norway. Advokatfirmaet Schjødt and Gibson Dunn & Crutcher also participated as legal advisors in the transaction.
Demarest’s team was led by partner Joao Luis de Almeida (pictured), Marina Aidar with the support of associates Fausto Muniz Miyazato Teixeira, Guilherme Inaba, João Aranha, Livia Borges Leal, Luis Eduardo Ribeiro and Rubens Feche.
