Simpson Thacher represented Fras-le S.A. (“Fras-le”) and selling shareholder Dramd Participações e Administração Ltda. (“Dramd”) in connection with a follow-on offering of common shares of Fras-le on the São Paulo Stock Exchange (B3). A total of 16,666,667 common shares were sold in the offering, consisting of 10,318,748 shares sold by Fras-le and 6,347,919 shares sold by Dramd, at a price of R$24.00 per common share. The offering raised approximately R$400 million in gross proceeds.
The common shares were offered to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in reliance on Regulation S. A concurrent offering was conducted in Brazil in compliance with CVM Resolution No. 160. Fras-le common shares are listed on the São Paulo Stock Exchange (B3) under the ticker symbol “FRAS3”.
Fras-le operates in the development, manufacturing, sale and import of components for brakes, couplings, transmissions, friction materials, suspension, resin-based products, auto parts, plastic artifacts and their derivatives, and technical assistance services, reaching customers in more than 125 countries.
The Simpson Thacher team included Paulo F. Cardoso, Grenfel S. Calheiros, Doug Ogata (Capital Markets); Michael E. Mann and Preston Irace (Tax).