TozziniFreire advises Wells Fargo in ABL Credit agreement

TozziniFreire has acted as a special Brazilian counsel to Wells Fargo, as a collateral agent for the benefit of itself and the lenders, in connection with the ABL Credit Agreement executed on August 18, 2022, entered into by and among Novelis Inc., a corporation amalgamated under the Canada Business Corporations Act, as the Canadian Borrower (Novelis), Novelis Corporation, as a U.S. Borrower, the other U.S. Borrowers party thereto, Novelis UK Ltd, as a U.K. Borrower, Novelis AG, as a Swiss Borrower, Novelis Deutschland GmbH, as a German borrower, Novelis Koblenz GmbH (formerly known as Aleris Rolled Products Germany GmbH), as a German borrower, Novelis Casthouse Germany GmbH (formerly known as Aleris Casthouse Germany GmbH), as a German borrower, AV Metals Inc., a corporation formed under the Canada Business Corporations Act, the other Loan Parties party thereto, the Issuing Banks party thereto, the Lenders party thereto and Wells Fargo Bank, National Association (as successor in interest to Bank of America, N.A.), as administrative agent, and as collateral agent, Wells Fargo Bank, National Association, as U.S. swingline lender, and Wells Fargo Bank, N.A. (London Branch), as European swingline lender (Loan).

The USD 2 billion aggregate principal amount loan interest will be at the base rate plus the applicable Interest Margin, calculated on the basis of the actual number of days elapsed in a year of 365 days and payable monthly on the first calendar day of each month. 

Novelis operates an integrated network of technically advanced rolling and recycling facilities across North America, South America, Europe and Asia, Novelis leverages its global manufacturing and recycling footprint to deliver consistent, high-quality products around the world. Novelis plans to expand the use of lightweight, infinitely recyclable aluminium to help customers achieve their sustainability goals and provide consumers the environmentally friendly products they enjoy.

TozziniFreire Advogados advised Wells Fargo Bank, National Association and relied on partners Alexei Bonamin (pictured left) and Marcus Fonseca (pictured right) and associate Leonardo Medeiros Braghetto.

Skadden, Arps, Slate, Meagher & Flom LLP also advised the same party and relied on David Wagener, Shelisa Thomas, Katrina Lutfy and Janet Esnes.

Levy Salomão Advogados, Stikeman Elliott LLP, Al Tamimi & Company, McCann FitzGerald LLP, Legance – Avvocati Associati, BAE, KIM & LEE LLC, J.A. Treviño Abogados, Loyens & Loeff, Lenz & Staehelin also participated at this deal, representing to Novelis Corporation.