Shearman & Sterling advised CPFL Energia S.A. in connection with its SEC-registered global follow-on offering of 116,817,126 common shares, including in the form of American depositary shares. Headquartered in Campinas, Brazil, CPFL is one of the largest energy distributors in Brazil in terms of gigawatt hours of electricity distributed to consumers.
The offering closed on June 14, 2019 and generated net proceeds to CPFL of approximately R$3,164.3 million (or $823.2 million), before expenses, after deducting underwriting commissions. The shares were offered to a limited number of professional investors in Brazil and internationally.
Santander Investment Securities and Itau BBA USA Securities acted as global coordinators of the offering, joined by Banco Bradesco BBI, Banco BTG Pactual and Morgan Stanley & Co. as joint bookrunners. Banco Itau BBA, Banco Santander, Banco Bradesco BBI, Banco BTG Pactual and Banco Morgan Stanley acted as Brazilian placement agents.
The Shearman & Sterling team below was supported by associates Diana Balassiano and Ahuva Weinreich.