Shearman And Sterling

News May 27, 2021

Latin Lawyer Names Azul’s $325 Million Convertible Debentures ‘Capital Markets Deal of the Year’

Latin Lawyer, a leading publication that follows a wide variety of securities, finance, M&A and other matters across Latin America, recently named Azul, S.A. and its 2020 issuance of Convertible Debentures in Brazil as its “Capital Markets Deal of the Year.  The offering of Convertible Debentures in Brazil was purchased by a limited number of U.S.-based and other investors to help Azul address, among other things, the impact of the Covid-19 pandemic on its business. The $325 million of securities mature in October 2025 and are convertible into Azul equity securities under specified circumstances.

Shearman & Sterling partners Stuart Fleischmann (New York-Capital Markets) and Roberta Cherman (São Paulo-Capital markets) advised Azul, working closely with senior associate Robert Powel (New York-Capital Markets), as well as Azul’s internal General Counsel Joanna Portella and Azul’s local Brazilian counsel, Pinheiro Neto.

Azul is a leading Brazilian carrier and currently is ranked by Trip Advisor as the No. 1 airline in the world. Shearman & Sterling has assisted Azul in numerous financings and corporate governance matters, including its 2016 SEC registered IPO and a number of other transactions.

The Team