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McDonald’s main Brazil franchise obtains loan backed by derivatives

Por: Latin LawyerImprimirVisualizar em PDF

Brazilian McDonald's fast food franchise Arcos Dourados has hired the São Paulo offices of Pinheiro Neto Advogados and Davis Polk & Wardwell LLP and Maples and Calder in the Cayman and British Virgin Islands to obtain a loan worth US$167 million, hedging its exposure to the debt by entering into a series of derivatives transactions.

Machado, Meyer, Sendacz e Opice Advogados in São Paulo, Milbank, Tweed, Hadley & McCloy LLP in New York, and Guyer & Regules in Montevideo advised the lenders for the loan as well as the banks involved in the five-tranche derivatives deal. Jiménez de Aréchaga, Viana + Brause in Montevideo and Appleby in the British Virgin Islands are also thought to have been involved in the transactions, but this could not be confirmed. The entire deal closed on 31 March.

The loan was secured by a fiduciary assignment of credit card receivables from McDonald's Brazilian restaurants as well as the swap receivables from the derivatives transactions. Arcos Dourados' parent companies, which are based in the British Virgin Islands and Uruguay, acted as guarantors. The derivatives are also backstopped by credit card receivables and guaranteed by promissory notes issued by the borrower and its parent companies.

 

Counsel to Arcos Dourados Comércio de Alimentos

In-house counsel – Boris Gris and Sara Romanhol

Pinheiro Neto Advogados-  Partner Caio Ferreira Silva and associates Caroline Queiroz and Rodrigo Vieira in São Paulo

Davis Polk & Wardwell LLP - Partner Maurice Blanco and counsel James Vickers in São Paulo

Maples and Calder - Partner Kieran Walsh in Cayman Islands and of counsel Ruairi Bourke and associate Guy Williamson in British Virgin Islands

 

Counsel to Citibank, JP Morgan Chase Bank, Itau International, Bank of America, Banco Santander Brasil (Cayman branch)

For the loan

Machado, Meyer, Sendacz e Opice Advogados - Partner Nei Zelmanovits and associates Rafael Carretero and Fernanda Savino in São Paulo

Milbank, Tweed, Hadley & McCloy LLP - Partner Carlos Albarracín and associate Rodrigo Carvalho in New York

Guyer & Regules - Partner Florencia Castagnola and associate Sofia Anza in Montevideo

 

Counsel to Banco Citibank, Itaú Unibanco, Banco JP Morgan, Bank of America Merrill Lynch, Banco Múltiplo, Banco Santander Brasil and Itaú Unibanco

For the derivatives transactions

Machado, Meyer, Sendacz e Opice Advogados - Partner Nei Zelmanovits and associates Rafael Carretero and Fernanda Savino in São Paulo

Milbank, Tweed, Hadley & McCloy LLP - Partner Carlos Albarracín and associate Rodrigo Carvalho in New York

Guyer & Regules - Partner Florencia Castagnola and associate Sofia Anza in Montevideo

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