Cleary Gottlieb represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bradesco Securities, Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. as international placement agents in the primary and secondary equity offering of Camil Alimentos S.A. (Camil).
The offering raised approximately R$1.15 billion (over $355 million) in gross proceeds and consisted of primary and secondary offerings of an aggregate of 127.5 million common shares. The shares offered were priced at R$9 per share on September 26, 2017, and the offering closed on October 2, 2017. The offering was registered before the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM). The shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
Camil is one of the largest consumer packaged goods companies in the food industry in Brazil and in South America, according to Valor Econômico and Exame in their 2016 rankings. Camil holds a leading position in the product categories and countries in which it operates. Camil’s activities include the processing, marketing and distribution of grains (mainly rice and beans), sugar and canned fish (mainly sardines and tuna, including with sauces and as spreads) through widely recognized, market-leading brands in Brazil, Uruguay, Chile and Peru.