Movida’s $350 Million Offering and Concurrent Tender Offer

Cleary Gottlieb represented the global coordinators and initial purchasers, including Morgan Stanley, J.P. Morgan, Bradesco BBI, BNP Paribas, Santander, and UBS Investment Bank, and the joint-bookrunners and initial purchasers, including Itau BBA, MUFG, Natixis, XP Investiments, and BTG Pactual, in the offering of $350 million 9.7% notes due 2033, issued by Movida Europe S.A., a Luxembourg subsidiary of Movida Participações S.A. (Movida), and guaranteed by Movida.

The transaction priced on May 13, 2026, and closed on May 20, 2026.

Movida Europe used part of the net proceeds from the sale of the notes to fund a concurrent tender offer to purchase $173 million of Movida Europe’s 7.85% senior notes due 2029, guaranteed by Movida and Movida Locação de Veículos S.A. The tender offer launched on May 11, 2026, and settled on May 21, 2026. The dealer managers for the tender offer were the same banks that acted as global coordinators under the new notes offering.

Movida is one of the largest car rental and fleet management companies in Brazil.

The Cleary corporate team included partners Juan Giráldez and Jonathan Mendes de Oliveira, associate Pedro Arango Montes, and international lawyers Thais Rossi and Antonio Heraldo Wajnman Lima. Partner Matthew Brigham and associate Julia Huang advised on tax matters, with assistance from law clerk Seth Stancroff.