Tauil & Chequer Advogados (T&C), in association with Mayer Brown, represented XP Investimentos (as underwriter) with regard to Ciclus Ambiental’s issuance of debentures. The issuance consisted of two series of debentures: 450,000 debentures in the first series and 100,000 debentures in the second series, totaling 550,000 debentures, with a unit face value of R$1000, totaling R$555 million. The issuance was carried out through a public offering with restricted placement effort, under the terms of CVM Rule No. 476, both series were composed of infrastructure debentures issued under Law No. 12,431 (infrastructure debentures). The T&C team was led by Capital Markets & Securitization partner Bruno Cerqueira and associate Flavia Biagiotti.