Published 2 April 2009
Brazilian ethanol producer Brenco has secured a R$663 million (US$274 million) loan from a consortium of banks led by Banco Itaú BBA and Banco do Brasil. Felsberg, Pedretti, Mannrich e Aidar Advogados assisted the banks in the transaction, while Brenco was advised by Pinheiro Neto Advogados.
Felsberg partner Thiago Vallandro Flores says, “From a legal standpoint, particularly interesting was the coordination of the work for eight banks with sometimes different views and needs, as well as the structuring of a security package that would not suffocate the company in the context of the current financial scenario but yet providing sufficient comfort to the lenders.”
Brenco, a joint venture between Brasileira de Energia Renovável and Energética Água Emendada, will use the funds to construct and start up four energy cogeneration facilities that will process sugarcane in the country.
The other banks in the lending consortium were Caixa Econômica Federal, Banco Bradesco, Unibanco, Banco Votorantim, Banco KDB and Banco BNB.
Counsel to Brenco
In-house counsel – Marta Racy Kheirallah and Vinicius Franco
Pinheiro Neto Advogados
Partners Fernando Alves Meira, Ricardo Simões Russo and associate Ricardo Chiodaro
Counsel to the banks
In-house counsel to Banco Itaú BBA – Ronaldo Bassitt Giovannetti
In-house counsel to Unibanco – Marina Dubois Fava, Maria Cecilia Penteado Sandrini and Flavia Gonçalves Rodrigues de Faria
Felsberg, Pedretti, Mannrich e Aidar Advogados
Partners Thiago Vallandro Flores and Ricardo Sanches and associates Andréa Costa and Raphael Zono.