Three White & Case Transactions Named "Latin America Deals of the Year"
Market intelligence platform Bonds & Loans has named three deals on which White & Case advised among the "Deals of the Year" in its Latin America Deals of the Year Awards 2018, presented on March 22.
The transactions selected as Deals of the Year represent "the most innovative and outstanding debt capital market deals on the continent,' according to Bonds & Loans.
Following are the winning deals on which White & Case advised:
Syndicated Loan Deal of the Year by a Debut Borrower
Grupo Industrial Saltillo's US$326.5 million senior secured facility to finance the purchase of Spanish auto-manufacturer Infun consisted of a US$276.5 million, five-year term loan and a US$50 million, three-year revolving credit facility, and was fully underwritten by the bookrunners. The transaction was oversubscribed, with impressively balanced distribution across the globe, roughly a third each for European, American and Mexican accounts.
Investment Grade Corporate Bond Deal of the Year
Petrochemicals giant Braskem placed a US$1.75 billion dual-tranche bond at a volatile time, just as the company settled lawsuits with Brazilian, US and Swiss authorities. Investors were overwhelmingly pacified by Braskem’s commitment to the internationalization of its business, evident from the 47 percent of 2016 revenues generated by exports and international sales. At US$1.75 billion, the issue was oversubscribed and became the second-largest international bond from a Brazilian non-state corporation.
Project Finance Deal of the Year
Issues out of Uruguay are rare, which makes this sophisticated financing structure for the Campo Palomas wind project particularly impressive. With an innovative A/B bond structure under the IIC's umbrella, a stunning 20-year tenor, and a green certification, the investment-grade project bond opened new doors for the renewable energy market in Uruguay, where a fifth of energy produced comes from sustainable sources.