Brazilian Sugar and Ethanol Company in $300 Million Bond Offering

Cleary Gottlieb represented BTG Pactual US Capital LLC, Credit Suisse Securities (USA) LLC and Itau BBA USA Securities Inc. as initial purchasers in a Rule 144A/Reg. S offering by Virgolino de Oliveira Finance S.A., a subsidiary of Grupo Virgolino de Oliveira S.A., of $300 million 11.750% Notes due 2022. The offering closed on February 9, 2012.

Virgolino de Oliveira, which is based in Brazil, purchases, cultivates and crushes sugarcane for the production of sugar and ethanol. According to data provided by UNICA, Virgolino de Oliveira was among the largest processors of sugarcane and producers of sugar and ethanol in the Center-South region in Brazil during the 2010/2011 harvest. Virgolino de Oliveira is also a founding member of Copersucar S.A., Brazil’s largest vendor and exporter of sugar and ethanol.