Veirano and Machado Meyer advise on Pluma FIDC deal

Veirano Advogados has advised Pluma Agroavícola on its participation in a public call launched by Agência de Fomento do Paraná to select receivables investment fund projects aimed at financing agribusiness activities in the State of Paraná, and on the subsequent structuring of two related investment vehicles. Machado Meyer Advogados advised XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários on the public offering side of the transaction.

The engagement began with Veirano structuring Pluma’s proposal for the Fomento Paraná selection process, which ranked second among the projects submitted, and included ongoing liaison with the agency throughout the structuring and implementation phases. Following the selection, Veirano advised Pluma on the establishment of Paraná V Pluma Fundo de Investimento em Direitos Creditórios Segmento Agro – Responsabilidade Limitada (FIDC) and PLUMA FIAGRO – Responsabilidade Limitada, a structure designed to channel financing to rural producers within Pluma’s supply chain through the acquisition by the FIDC of Financial Settlement Rural Product Notes (CPR-Fs) issued by those producers.

The financing structure combined public and private capital, with Agência de Fomento do Paraná subscribing for the FIDC’s senior quotas, Pluma subscribing for junior subordinated quotas, and proceeds from PLUMA FIAGRO’s public offering of quotas used to subscribe for the FIDC’s mezzanine subordinated quotas. Veirano also advised Pluma on the private placement of the FIDC’s first issuance of senior, mezzanine subordinated and junior subordinated quotas, in an aggregate amount of BRL 160 million, as well as on the public offering of PLUMA FIAGRO’s first issuance of quotas, worth up to BRL 75 million, which was intermediated by XP Investimentos.

The Veirano team was led by partner Ingrid Thomas Hessling, together with associate Ana Beatriz Bomtorin Boucault, lawyer Gabriel Gomes Mercante and intern Celina Fairbanks Lebeis.

Machado Meyer’s team advising XP Investimentos was led by partner Thales Saito, with lawyers Bruno Mendonça de Freitas, Sthefany Pereira Amorim and Helena Gazzinelli Maiolini.