White & Case acted on two Brazilian matters that won "Deals of the Year" from LatinFinance in its "Best Corporate Liability Management" and "Best Quasi-Sovereign Bond" categories.
White & Case represented Fibria Celulose S.A., the winner in the "Best Corporate Liability Management" category, in its Rule 144A and Regulation S offer and sale of US$1 billion 9.25% bonds due 2019. Bank of America Merrill Lynch, Deutsche Bank and JP Morgan acted as lead arrangers. Fibria is a Brazilian pulp and paper company and the world's largest producer of market pulp. In 2009, Votorantim Celulose e Papel purchased Aracruz Celulose after its landmark restructuring of US$2.7 billion (for which White & Case represented Aracruz) and renamed it Fibria Celulose S.A. As a result of the purchase, Fibria faced significant refinancing needs, which were tackled in part by the bonds issuance.
According to LatinFinance, investors placed more than US$4 billion in orders for the US$1 billion bonds issue, and bankers claimed it was the largest high-yield corporate bond from Brazil to that point.
In another bond deal, White & Case represented Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the winner in the "Best Quasi-Sovereign Bond" category, as issuer in its Rule 144A and Regulation S offer and sale of €750 million 4.125% bonds due 2017, which were listed on the Luxembourg Stock Exchange. The offering generated more than €2 billion in orders and was BNDES's first issuance in Euros since 1999.