Five White & Case Transactions Named PFI Deals of the Year
Global law firm White & Case LLP advised on five deals globally that won 2019 PFI Awards, as announced by Project Finance International (PFI) magazine. PFI Awards winners are selected by the PFI editorial staff from among submissions made by companies engaged in the transactions. The awards will be formally presented at a ceremony in London on February 5, 2020.
The winning deals on which White & Case advised were:
Americas P3 Deal of the Year: Newark Consolidated Rent-A-Car Facility (ConRAC)
White & Case represented the lenders in the senior secured financing of a consolidated rental car facility at the Newark Liberty International Airport. PFI called the deal “a stand-out transaction based on its use of a new source of revenue, its smooth and quick execution, and its innovation as the first project of its kind with demand risk that was financed in the bank market.”
Latin America Deal of the Year: TAG Pipeline
White & Case represented a syndicate of ten international and Brazilian banks on the financing of ENGIE S.A.'s and Caisse de dépôt et placement du Québec's (CDPQ) approximately US$8.6 billion acquisition of 90 percent of Transportadora Associada de Gás S.A. (TAG), the owner of an approximately 4,500 km natural gas pipeline network in Brazil, from Petróleo Brasileiro S.A.–Petrobras. According to PFI, “The dual-tranche deal was a particularly innovative way to finance the acquisition with project finance, brought together an impressive roster of lenders, and was executed alongside a competitive bidding process. It may also provide a template for deals in the country moving forward, with another US$30bn in projects slated for privatisation in the coming few years.”
Asia-Pacific Renewables Deal of the Year: Yunlin Offshore Wind
White & Case represented the export credit agencies and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (NT$94 billion) project financing of wpd AG’s 640 MW Yunlin offshore wind project off the coast of Yunlin County in western Taiwan. To date, this is the largest offshore wind farm in Asia-Pacific to reach financial close.
Asia-Pacific Petrochemical Deal of the Year: RAPID
White & Case represented Saudi Aramco on the development and financing of the Refinery and Petrochemical Integrated Development (RAPID) joint venture with Petronas in the southern Malaysian state of Johor. According to PFI, this is the largest petrochemical and refinery project in Asia to date.
European Bond Deal of the Year: Brebemi
White & Case represented Brebemi, the Italian toll road which runs from Brescia to Milan, on its €1.679 billion project bond financing. The transaction consists of a four-tranched €1.679 billion bond issuance and approximately €307 million in credit facilities, granted by a pool of banks which include UniCredit, Banco BPM, Unione di Banche Italiane, Monte dei Paschi di Siena e Intesa Sanpaolo. The tranches of notes have been issued pursuant to Regulation S and Rule 144A under the U.S. Securities Act. All notes have been listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market. The project debt on the A35 Brebemi toll road near Milan turned out to be one of the largest bond deals in Europe to date.