HHR advised Heinzel Holding GmbH, a producer and trader of market pulp and packaging paper, in its equity investment in Paracel, an approximately $3.4 billion pulp mill project on undeveloped – or greenfield – land in Paraguay.

Paracel will produce eucalyptus pulp through its forest plantations in Paraguay's Concepción region, using the best available technology to meet the highest sustainability standards. The pulp mill, which is expected to produce 1.8 million tons of eucalyptus pulp per year, will also put Paraguay on the radar of the global pulp and paper industry.

The project – which is fully ESG (environmental, social and governance) compliant and expected to meet many of the U.N.'s Sustainable Development Goals – will be the largest industrial development and the largest private investment in Paraguay's history and will have the potential to transform the local economy. The total project cost is estimated to be $3.4 billion and is expected to be financed with a combination of equity and long-term debt. 

HHR assisted Brazil-based information technology and software development company CI&T in its acquisition of NTERSOL, a U.S.-based software engineering and development company geared toward financial services.

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The firm advised Brazilian paper company Suzano on the creation of Suzano Ventures, a $70 million global corporate venture capital initiative focused on environmental issues and sustainability.

HHR represented the Republic of Paraguay in its sovereign bond issuance and concurrent “switch” tender offer. In the transaction, Paraguay raised $500.6 million through its newly issued 3.849 percent bonds due 2033. The offering launched and priced on Jan. 20 and closed on Jan. 28.

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HHR represented Griffin Global Asset Management on their investment in Dominican Republic-based startup airline Arajet, S.A.