A mix of changing credit market conditions and political and economic factors in major economies may be opening up a window of opportunity for Brazilian borrowers to access cross-border lending. Given market dynamics in the United States, Brazilian borrowers may gain both covenant and pricing advantages by syndicating transactions in the U.S. rather than borrowing in the Brazilian loan or CCB markets. In some instances, this may allow Brazilian borrowers to optimize their capital structure with a multi-tiered composition of U.S. term loans, local Brazilian revolvers and, potentially, a CCB. This note highlights several key considerations that both Brazilian borrowers considering borrowing in the U.S. syndicated loan market and arrangers and lenders that might provide these loans should take into account in evaluating whether to pursue these cross-border financings.