Pinheiro Neto Advises on BRL 2 Billion Debenture Issuance for Boticário Group

"Pinheiro Neto Advogados acted as deal counsel to lead underwriter Itaú BBA Assessoria Financeira and issuer Cálamo Distribuidora de Produtos de Beleza on a BRL 2 billion 14th issuance of unsecured, non-convertible debentures guaranteed by Boticário Produtos de Beleza. The issue comprises three tranches including sustainability-linked notes and Eco Invest Brasil financing."

Pinheiro Neto Advogados acted as deal counsel, advising lead underwriter Itaú BBA Assessoria Financeira and issuer Cálamo Distribuidora de Produtos de Beleza, with Boticário Produtos de Beleza providing an additional fidejussory guarantee for the issuance. The transaction comprised the 14th issuance of non-convertible debentures, unsecured, with an additional fidejussory guarantee granted by Boticário Produtos de Beleza. The offering totaled BRL 2 billion and was divided into three tranches, each bearing different tenors and spreads over the DI Rate. The first and second tranches were issued as sustainability-linked debentures, featuring ESG KPIs and step-up mechanisms tied to performance. The third tranche was issued under the Eco Invest Brasil Program and is intended to finance the construction of a new sustainable industrial plant in Brazil. Pinheiro Neto Advogados represented Itaú BBA Assessoria Financeira (lead underwriter) and Cálamo Distribuidora de Produtos de Beleza (issuer) with a team composed by: partners Leonardo Baptista Rodrigues Cruz and Luiz Felipe Fleury Vaz Guimarães; senior associate Paula Rodrigues; legal assistant Raissa Sena Barbosa; and legal intern Sophia Helena Queirós de Assis e Silva.

Pinheiro Neto Advises on BRL 2 Billion Debenture Issuance for Boticário Group

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