SouzaOkawa advises on Milenio Capital FIDC
SouzaOkawa Advogados advised Milenio Capital and Banco Daycoval on structuring a BRL100 million Brazilian receivables investment fund (FIDC). The vehicle is designed to finance expansion and consolidation in the country’s telecommunications sector.
The transaction is a public offering of BRL100 million, placed exclusively with professional investors. It is split into BRL60 million in senior quotas, BRL20 million in subordinated mezzanine quotas and BRL20 million in junior subordinated quotas.
Milenio Capital acts as the fund’s investment manager. Banco Daycoval serves as fiduciary administrator and placement agent for the offering.
The fund will invest in commercial notes issued by telecommunications companies, particularly internet service providers. The proceeds will finance acquisitions of equity interests, customer portfolios and related operating assets, including fibre-optic networks and infrastructure.
The financing structure combines subordinated tranches with a security package. The package covers recurring service receivables, controlled collection accounts and credit monitoring mechanisms.
SouzaOkawa’s team was led by Capital Markets Partner Gustavo Rabello and included Capital Markets Associate Danielle Peniche.
Milenio Capital was represented in-house by Miguel Martins and Álvaro Caldas from its Debt Capital Markets (DCM) team. Banco Daycoval was represented by Sofia Haddad.
