Machado Meyer and Dias Carneiro act on the Sorocabana issues

Machado Meyer advised the issuer; Dias Carneiro advised the underwriters on the 1st and 2nd  issuances of debentures by Concessionária Rota Sorocabana (Sorocabana), the holder of the “Rota Sorocabana” highway concession, a 30-year contract covering the operation of 460 km in the southwest of São Paulo, which was recently won by CCR in a public auction in October last year.

Both issuances involved a total amount of BRL 2,050,000,000.00 each, backed by a corporate guarantee granted by CCR,and were aimed exclusively at professional investors pursuant to CVM’s Resolution No. 160.

The 1st issuance was structured with a short maturity term and with the purpose of raising funds to pay the concession fee (outorga) due in connection with the auction won by CCR last October.

The 2nd issuance was a long term funding for the expansion, operation, conservation, maintenance and implementation of the investments relating to the “Rota Sorocabana Lot” road system.  The debentures of this offering benefited from tax incentives in accordance with Law 12.431, which ensures income tax exemptions for individual and certain foreign investors, as well as reducing the income tax for companies who acquire such “incentivized debentures”, with the purpose of financing infrastructure projects in Brazil and establishing the capital markets as a long-term funding source for the infrastructure sector.

Machado Meyer relied on partner Paulo Markossian Nunes (pictured left), associates Ana Carolina Carpegiani Peyres, Vitor Pisarro Bradley de Araujo.

Dias Carneiro Advogados relied on partner Fernando de Melo Gomes (pictured right), associate Cecília Bueno Vecchi and Thâmires Veras Silva.

In-house counsel list:

Concessionária Rota Sorocabana and CCR: Jessica Randi Fernandes, Giovane Machado Borges.

Itaú BBA Assessoria Financeira: Maria Catarina de Holanda Bessa.

Banco Santander (Brasil): Vanessa Pereira Azambuja, Marcia da Cruz Santos.