Brazilian Electricity Company Terna in $250 Million IPO
October 31, 2006
Cleary Gottlieb advised UBS, Unibanco and Goldman Sachs in the initial public offering of units of Terna Participações S.A., Terna raised R$557 million (approximately $250 million) in the offering. The deal closed on October 31.
Terna’s units were offered to investors in Brazil, qualified institutional buyers in the United States under Rule 144A and institutional and other investors outside the United States under Regulation S. The units are listed on the São Paulo Stock Exchange (BOVESPA).
Terna is one of the largest electricity transmission companies in Brazil, accounting for 8.4% of the total revenues paid to operators of electricity transmission in Brazil.