Jones Day advises agents on BNDES divestment

Jones Day has advised a group of banks acting as international placement agents on an offering of 299,738,518 common shares by Brazilian multinational food and beverage producer Marfrig Global Foods, a transaction that is expected to be the first of a series of significant divestments from Brazilian state-owned development bank BNDES.

The banks were Santander Investment Securities, Bradesco Securities, JP Morgan Securities, Banco do Brasil Securities and Jefferies LLC, which acted as international placement agents in connection with the international offering, which comprised a primary offering of 90,090,091 common shares and a secondary offering of 209,648,427 common shares by BNDES Participações (BNDESPAR) as the selling shareholder.

The total gross proceeds from the offering were approximately 3 billion reais ($720 million). Marfrig will use the net proceeds from the primary offering to pre-pay certain debt. Marfrig did not receive any proceeds from the secondary offering.

The Jones Day team was led by Rory Hood (pictured) in New York, Wade Angus (New York/São Paulo), and Marcello Hallake (São Paulo/New York).