Clifford Chance

Clifford Chance advises Brazil's Eletrobras on US$750 million bond issuance

Global law firm Clifford Chance has advised Centrais Elétricas Brasileiras S.A. (Eletrobras), Brazil's largest utility, in connection with the issuance of US$750 million 6.500% Notes due 2035. Citigroup Global Markets Inc., Banco Bradesco BBI S.A., Itau BBA USA Securities, Inc., Santander US Capital Markets LLC, UBS Securities LLC, BBVA Securities Inc., BNP Paribas Securities Corp., Banco BTG Pactual S.A. – Cayman Branch and Scotia Capital (USA) Inc. acted as joint bookrunners.

This is the first transaction issued under Brazil's Law 14,801/24, which was passed in early 2024 and provides certain tax advantages to stimulate foreign investment in Brazilian infrastructure projects.

Partner Jon Zonis and counsel Anja Pfleger Andrade led the Clifford Chance deal team, which included associate Natalie Tsang, staff attorney Guilherme Laudisio and intern Beatriz Bonamico.

Pfleger Andrade commented, "Eletrobras is a longtime client, and we are pleased to work with them again on this first-of-its-kind deal – the first issuance of an 'infrastructure bond' in the international markets."

Clifford Chance advises on many offerings in the Latin American market, recently advising Brazil's Sabesp on its US$2.7 billion international shares offering. The firm also recently advised Eletrobras on the secondary follow-on offering of preferred shares issued by CTEEP – Companhia de Transmissão de Energia Elétrica Paulista, in an aggregate amount of R$2.19 billion (US$398 million), as well as Eletrobras' privatization which was conducted through a US$6.9 billion equity offering in 2022.