Global law firm White & Case LLP has won three 2025 LatinFinance "Deals of the Year" awards and received two "Honorable Mention" awards. The awards recognize "excellence across the transaction markets (debt, equity, M&A) of Latin America and the Caribbean."
The winning matters are:
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Sovereign Sustainable Deal of the Year: El Salvador US$1 billion debt-for-nature swap
White & Case advised the Republic of El Salvador on the world's largest debt-for-nature conversion for river conservation and the world's largest debt-for-nature conversion in terms of funding commitments for conservation.
The conversion comprises El Salvador's issuance of US$1 billion 20-year impact notes to a special purpose vehicle, and the concurrent tender offer of a portion of its outstanding notes using the proceeds of the new impact notes. As a result, El Salvador was able to refinance more than US$1 billion of its outstanding notes and generate an expected US$352 million in lifetime savings through a combination of immediate notional debt savings and material reductions in debt service costs.
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Corporate High-Grade Bond of the Year: JBS US$3.5 billion senior notes issuance
White & Case advised JBS USA Holding Lux S.à r.l., JBS USA Food Company and JBS USA Foods Group Holdings, Inc. on their US$1.25 billion aggregate principal amount of 5.500% senior notes due 2036; US$1.25 billion aggregate principal amount of 6.250% senior notes due 2056; and US$1.0 billion aggregate principal amount of 6.375% senior notes due 2066.
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Initial Public Offering of the Year: JBS dual listing / NYSE IPO
White & Case advised JBS, a premier global food company, on its SEC registration process and related New York Stock Exchange (NYSE) listing. This innovative cross-border transaction resulted in the establishment of JBS N.V. as the ultimate holding company of the JBS group. JBS N.V. common shares began trading on the NYSE under the symbol "JBS," marking their US market debut on June 13, 2025.
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Honorable Mention: Banorte US$1.5 billion Tier 1 capital notes issuance
White & Case advised Banco Mercantil del Norte, a leading Mexican banking institution, on the issuance of US$1.5 billion of Tier 1 capital notes.
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Honorable Mention: Kallpa Generacion US$700 million 10-year 5.500% senior unsecured notes
White & Case advised Kallpa Generación S.A. on its issuance of US$700 million aggregate principal amount of 5.500% senior notes due 2035 and a corresponding tender offer for Kallpa's existing 4.125% senior notes due 2027. The successful issuance of the new notes included pricing the notes at the lowest spread over the Peruvian sovereign rate for an international corporate bond by a Peruvian company.
Rodrigo Dominguez Sotomayor, partner and Co-Head of the Firm's Latin America Practice Group, said, "We are delighted that LatinFinance has once again recognized several of our transactions as Deals of the Year. This honor highlights the strength of our cross-border capabilities, our proven experience with complex transactions and our commitment to delivering exceptional client service."
Silvia Marchili, partner and Co-Head of the Firm's Latin America Practice Group, stated, "We are pleased that LatinFinance has recognized five of our significant deals this year. This recognition reflects our strong track record of advising on strategically important transactions that have shaped Latin America's landscape, as well as our ongoing commitment to the region. This achievement would not have been possible without the trust of our clients and the hard work of our team."
