We advised the initial purchasers on the high-yield offering

Davis Polk advised the initial purchasers in connection with the offering by Minerva Luxembourg S.A., a wholly owned subsidiary of Minerva S.A., of $600 million aggregate principal amount of its 7.500% senior notes due 2036, guaranteed by Minerva S.A. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Minerva is one of the leading Brazilian producers of fresh and frozen beef, industrialized protein products (including beef, pork and poultry), live cattle and cattle by-products (including treated leather and offal) according to data from SECEX. In addition, Minerva is the leading exporter of beef in South America, with an export market share in South America of approximately 20% as of December 31, 2025, based on its export volumes and data from SECEX, Penta-transaction, OCIT and Legiscomex.

The Davis Polk corporate team included partner Manuel Garciadiaz, counsel Drew Glover and associate Lucas Pignaton Fenyves. Counsel Dustin Plotnick and associate Bryce Maxey provided tax advice. Members of the Davis Polk team are based in the São Paulo, Northern California and New York offices.

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