UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
America Online Latin America, Inc.
------------------------------------
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
--------------------------------------------------------
(Title of Class and Securities)
02365B100
-------------------------------------------
(CUSIP Number)
Alfredo Egydio Setubal
Banco Itau, S.A.
Rua Boa Vista, 185 - 8(0) andar
01014-913 - Sao Paulo-SP, Brazil
55-11-237-3002
Copy to:
Paul T. Schnell
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036
(212) 735-3000
------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 29, 2000
------------------------------------------------------------
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. [ ]
Schedule 13D
This is Amendment No. 1 to the Schedule 13D filed August 21, 2000, by
Banco Itau, S.A., a Brazilian corporation (Sociedade Anonima) ("Itau"),
Itau Bank, Ltd., a Cayman Limited Liability Company ("Itau Bank"), Itausa -
Investimentos Itau, S.A., a Brazilian corporation (Sociedade Anonima)
("Itausa"), Companhia ESA, a Brazilian corporation (Sociedade Anonima)
("ESA"), and the shareholders of ESA, which include Eudoro Libanio Villela,
Maria de Lourdes Egydio Villela, Maria de Lourdes Arruda Villela, Ricardo
Villela Marino, Rodolfo Villela Marino, Roberto Egydio Setubal ("Mr.
Setubal"), Olavo Egydio Setubal, Olavo Egydio Setubal Junior, Alfredo
Egydio Arruda Villela Filho, Ana Lucia de Mattos Barretto Villela, Alfredo
Egydio Setubal, Jose Luiz Egydio Setubal, Maria Alice Setubal, Paulo
Setubal Neto and Ricardo Egydio Setubal (collectively, the "ESA
Shareholders" and, collectively with Itau, Itau Bank, Itausa and ESA, each
a "Reporting Person" and, collectively, the "Reporting Persons") (the
"Schedule 13D"). Capitalized terms used but not described herein shall have
the meanings ascribed thereto in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Item 5 is hereby supplemented as follows:
Pursuant to the repurchase agreements described in Item 6 of
this Schedule 13D, Itau and Itau Bank entered into derivative securities
transactions with respect to their 23,775,000 and 7,925,000 Shares,
respectively. Itau and Itau Bank retained the right to direct the voting
of, ultimate control over the disposition of, and pecuniary interest in, all
such Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
-----------------------------------
Item 6 is hereby supplemented as follows:
On August 29, 2000, Itau Bank entered into derivative
securities transactions with respect to 7,925,000 Shares with Goldman Sachs
International, a company incorporated under the laws of England and Wales
("Goldman"). Itau Bank purchased call options from Goldman to repurchase
such Shares and issued put options to Goldman to require Itau Bank to
repurchase such Shares (such transactions, collectively, the "Goldman
Repurchase Transactions") pursuant to confirmations between Itau Bank and
Goldman under a Master Agreement, dated as of August 22, 2000, between Itau
Bank and Goldman (collectively, the "Goldman Repurchase Agreements"). These
put and call options are divided into five tranches of 1,320,834,
3,249,250, 1,320,833, 1,320,833 and 713,250 options, expiring August 29,
2001, August 29, 2002, August 29, 2003, August 29, 2004 and August 29,
2005, respectively, with an initial purchase price of US$8.00 and with
equivalent put and call strike prices of US$8.4704, US$8.1593, US$8.1991,
US$8.1207 and US$8.0784, respectively.
On August 29, 2000, Itau entered into derivative securities
transactions with respect to 23,775,000 Shares with UBS AG, a bank
organized under the laws of Switzerland (the "UBS"). Itau purchased call
options from UBS to repurchase such Shares and issued put options to UBS to
require Itau to repurchase such Shares (such transactions, collectively,
the "UBS Repurchase Transactions") pursuant to confirmations entered
between Itau and UBS under a Master Agreement, dated as of October 23,
1997, between Itau and UBS, (collectively, the "UBS Repurchase
Agreements"). These put and call options are divided into five tranches of
3,963,292, 9,904,665, 3,963,292, 3,963,292 and 1,980,459 options, expiring
August 29, 2001, August 29, 2002, August 29, 2003, August 29 2004 and
August 29, 2005, respectively. The options' initial purchase price and
strike price is 100% of the initial price, or US$8.00 per share.
Each of the foregoing options is a European-style option and is
exercisable on the exercise date.
The foregoing summary of certain provisions of the Goldman
Repurchase Agreements and the UBS Repurchase Agreements is not intended to
be complete and is qualified in its entirety by the complete text of such
documents, which are included as Exhibits 7-8 to this Schedule 13D and are
incorporated herein by reference.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Item 7 is hereby supplemented as follows:
Exhibit 7. Master Agreement, dated as of October 23, 1997, including
the Schedule thereto, and confirmations between
Banco Itau, S.A. and UBS AG (the "UBS Repurchase Agreements")1
Exhibit 8. Master Agreement, dated as of August 22, 2000, including the
Schedule thereto, and confirmations between
Itau Bank, Ltd. and Goldman Sachs International (the "Goldman
Repurchase Agreements")1
--------
1 Certain portions of this exhibit have been omitted pursuant
to a request for confidential treatment filed with the
Securities and Exchange Commission.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
BANCO ITAU, S.A.
By: /s/ Roberto Egydio Setubal
Name: Roberto Egydio Setubal
Title: President and Chief Executive Officer
By: /s/ Henri Penchas
---------------------------------------------------
Name: Henri Penchas
Title: Senior Vice-President
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ITAU BANK, LTD.
By: /s/ Roberto Egydio Setubal
---------------------------------------------
Name: Roberto Egydio Setubal
Title: Director
By: /s/ Henri Penchas
---------------------------------------------
Name: Henri Penchas
Title: Director
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ITAUSA - INVESTIMENTOS ITAU, S.A.
By: /s/ Olavo Egydio Setubal
---------------------------------------------
Name: Olavo Egydio Setubal
Title: President
By: /s/ Henri Penchas
Name: Henri Penchas
Title: Executive Director
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
COMPANHIA ESA
By: /s/ Eudoro Libanio Villela
---------------------------------------------
Name: Eudoro Libanio Villela
Title: President
By: /s/ Olavo Egydio Setubal
---------------------------------------------
Name: Olavo Egydio Setubal
Title: Vice-President
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ROBERTO EGYDIO SETUBAL
/s/ Roberto Egydio Setubal
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
OLAVO EGYDIO SETUBAL
/s/ Olavo Egydio Setubal
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
MARIA DE LOURDES EGYDIO VILLELA
/s/ Maria de Lourdes Egydio Villela
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ALFREDO EGYDIO ARRUDA VILLELA FILHO
/s/ Alfredo Egydio Arruda Villela Filho
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ANA LUCIA DE MATTOS BARRETTO VILLELA
/s/ Ana Lucia de Mattos Barretto Villela
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
EUDORO LIBANIO VILLELA
/s/ Eudoro Libanio Villela
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
MARIA DE LOURDES ARRUDA VILLELA
/s/ Maria de Lourdes Arruda Villela
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
RICARDO VILLELA MARINO
/s/ Ricardo Villela Marino
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
RODOLFO VILLELA MARINO
/s/ Rodolfo Villela Marino
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
ALFREDO EGYDIO SETUBAL
/s/ Alfredo Egydio Setubal
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
JOSE LUIZ EGYDIO SETUBAL
/s/ Jose Luiz Egydio Setubal
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
MARIA ALICE SETUBAL
/s/ Maria Alice Setubal
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
OLAVO EGYDIO SETUBAL JUNIOR
/s/ Olavo Egydio Setubal Junior
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
PAULO SETUBAL NETO
/s/ Paulo Setubal Neto
---------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
September 12, 2000
Date
RICARDO EGYDIO SETUBAL
/s/ Ricardo Egydio Setubal
---------------------------------------------
EXHIBIT INDEX
Exhibit 1. Joint Filing Agreement, dated as of August 22,
2000, by and among Banco Itau, S.A., Itau Bank, Ltd.,
Companhia ESA, Itausa - Investimentos Itau, S.A., Eudoro
Libanio Villela, Maria de Lourdes Egydio Villela, Maria de
Lourdes Arruda Villela, Ricardo Villela Marino, Rodolfo
Villela Marino, Roberto Egydio Setubal, Olavo Egydio
Setubal, Olavo Egydio Setubal Junior, Alfredo Egydio Arruda
Villela Filho, Ana Lucia de Mattos Barretto Villela, Alfredo
Egydio Setubal, Jose Luiz Egydio Setubal, Maria Alice
Setubal, Paulo Setubal Neto and Ricardo Egydio Setubal.
Exhibit 2. Regulation S Stock Subscription Agreement, dated as of June
12, 2000, by and among Banco Itau, S.A., Banco Banerj, S.A.
and America Online Latin America, Inc., incorporated hereto
by reference to Exhibit 10.14 to Amendment No. 6 to AOLA's
Form S-1 Registration Statement (File No. 333-95051), filed
with the Securities and Exchange Commission on June 16, 2000.
Exhibit 3. Assignment Agreement (Contrato de Cessao de Direitos), dated
as of August 8, 2000, by and among Banco Itau, S.A., Banco
Banerj, S.A. and Itau Bank, Ltd. and an English translation
thereof.
Exhibit 4. Registration Rights and Stockholders' Agreement, dated as of
August 11, 2000, by and among Banco Itau, S.A., Banco Banerj,
S.A. and America Online Latin America, Inc., and, for certain
limited purposes, America Online, Inc. and Riverview Media
Corp., incorporated hereto by reference to Exhibit 10.15 to
Amendment No. 6 to AOLA's Form S-1 Registration Statement
(File No. 333-95051), filed with the Securities and Exchange
Commission on June 16, 2000.
Exhibit 5. Letter Agreement, dated as of August 6, 2000, from Roberto
Egydio Setubal to Salomon Smith Barney, Inc., Donaldson,
Lufkin & Jenrette Securities Corporation, Lehman Brothers
Inc., Cazenove & Co. and Prudential Securities Incorporated,
as Representatives of the Underwriters to America Online
Latin America, Inc., in its initial public offering.
Exhibit 6. Letter Agreement, dated as of August 6, 2000, from Banco
Itau, S.A. to Salomon Smith Barney, Inc., Donaldson, Lufkin &
Jenrette Securities Corporation, Lehman Brothers Inc.,
Cazenove & Co. and Prudential Securities Incorporated, as
Representatives of the Underwriters to America Online Latin
America, Inc., in its initial public offering.
Exhibit 7. Master Agreement, dated as of October 23, 1997, including
the Schedule thereto, and confirmations between
Banco Itau, S.A. and UBS AG (the "UBS Repurchase Agreements").1
Exhibit 8. Master Agreement, dated as of August 22, 2000, including the
Schedule thereto, and confirmations between
Itau Bank, Ltd. and Goldman Sachs International (the "Goldman
Repurchase Agreements").1
--------
1 Certain portions of this exhibit have been omitted pursuant
to a request for confidential treatment filed with the
Securities and Exchange Commission.
Exhibit 7
Exhibit 8
