LatinFinance Awards Top Honors to Three White & Case Deals
LatinFinance magazine named three transactions on which White & Case advised among its "Deals of the Year" for 2016. The winners were announced in the magazine's January 13 issue. The winning deals were:
Corporate High-Yield Bond of the Year—Minerva Foods
White & Case represented Minerva Luxembourg SA on the issuance of the company's 6.500% senior notes due 2026 in an aggregate principal amount of US$1 billion in a Rule 144A/Regulation S offering and a concurrent tender offer and consent solicitation for the company's existing 7.75% notes due 2023.
"A two-day execution helped the deal," reported LatinFinance, "with bookrunners attracting investors from several markets including Asia 'which was the key,' says Edison Ticle, Minerva's chief financial officer. Orders reached close to $4 billion, allowing the borrower to take out a $1 billion deal at a tight price."
Restructuring of the Year—USJ Açúcar e Álcool
White & Case represented a group of international and Brazilian lenders on the restructuring of US$425 million of the indebtedness of S/A Usina Coruripe Açúcar e Álcool, a Brazilian sugar and ethanol producer.
"USJ Açúcar e Álcool was one that found itself in a difficult situation," reported LatinFinance, "but the sugar and ethanol producer wanted to avoid going to court. Instead, it executed a unique debt exchange operation that left it well-positioned to take advantage of an eventual turnaround in sugar prices. The deal employed a clause to bind any holdouts, the first time such a technique had been used in Brazil."
Equity Follow-On of the Year—Energisa Equity Offering
White & Case represented Energisa SA in a BRL 1.3 billion (approximately US$396.3 million) public offering in Brazil at a price of BRL 18.50 per unit (approximately US$5.64 per unit). By energy sales volume, Energisa is the sixth-largest electricity distribution company in Brazil and the fourth-largest among non-state-owned companies.
"Investors flocked to the share sale, which raised $415 million," reported LatinFinance. "Energisa's stock rose nearly 9% in the first day of trading. The company later exercised the greenshoe option, increasing the amount raised to around $485 million, or 1.5 billion reais. The offer was the largest by a Brazilian power firm in more than 10 years, eclipsing a 1.345 billion-real primary offering in September 2006 by Eletropaulo."
For the 2016 awards, LatinFinance judged the "structure, timing and execution of transactions, as well as their innovative and market-leading characteristics" for deals closed between October 1, 2015 and September 30, 2016.