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Allen & Overy advises underwriters and international agents in Brazil’s largest equity offering of 2023

New York, NY – Allen & Overy (“A&O”) today announced its advisement of the syndicate of underwriters and international agents for Brazilian food processor BRF S.A. (“BRF”)’s issuance of 600 million new common shares with a total value of USD1.1 billion. The international agents included J.P. Morgan, Bradesco, BTG Pactual, Citigroup, Itau BBA, Safra, UBS BB and XP Investments. The deal represents Brazil’s largest equity offering thus far in 2023.

The financing features a base offering of 500 million newly issued common shares, priced at BRL9.00 or USD1.84, as well as an allocation of 100 million additional shares to meet robust demand across the global market. BRF, one of the world’s largest poultry producers, has more than 30 brands in its portfolio and plans to use the deal’s proceeds to improve its capital structure.

David Flechner, a Partner in Allen & Overy’s International Capital Markets Practice Group, said: “Our A&O capital markets team leveraged its extensive, cross-border experience to advise on this banner transaction in Brazil, which underscores A&O’s established record of leading counsel on complex equity offerings in South America. We look forward to advising clients on similarly important transactions in the region in the face of truly unpredictable market conditions.”

Partner David Flechner led the A&O deal team from New York and São Paulo, alongside Associate David Birch in São Paulo. Support was also provided by International Associate Daniel Mortati in New York.