Chambers Global: Projects & Energy 2019
White & Case is a leader on infrastructure projects around the globe. The project development and financing, acquisition and privatization of infrastructure projects demand an in-depth sector understanding and knowledge, combined with the skills to analyze and allocate complex and, often, cross-border risks. In addition, a comprehensive experience with public sector regimes through concessions or regulated licensing regimes is crucial. These qualities and knowledge set us apart and enable us to deliver results for our clients in both developed and emerging economies. With our unique combination of skills and experience, we provide clients with a suite of integrated services and guide them through difficult issues on the most complex transactions, bringing our global experience, insight and judgment to each situation.
White & Case provides a highly effective one-stop shop for infrastructure. Our practitioners advise sponsors, lenders, institutional investors, infrastructure and pension funds, commercial banks, corporations, developers, insurance companies and governmental entities across the spectrum of infrastructure asset classes. With our unique combination of skills and experience, we provide clients with integrated services and guide them through difficult issues on their most important transactions, bringing our global experience, insight and judgment to each situation on every type of infrastructure project, including:
Our infrastructure practice has an extensive track record of awards for innovation and delivering market precedents in domestic and international public-private partnership (PPP) projects. Our value is that we deliver a 360-degree perspective to our clients: Our practice is unique in that we have represented every market participant—public authorities, sponsors and lenders—in the tender, financing, sale and acquisition of greenfield and brownfield infrastructure projects.
Our knowledge and track record of domestic and international PPP structures enable us to support our clients worldwide as they adapt the PPP model to successfully deliver their projects.
Our global infrastructure finance team advises and guides clients on innovative, and often first-of-a-kind, finance structures with complex, integrated intercreditor bank/bond covenant packages. The unique combination of skills and experience that we possess in the infrastructure finance market means we are prepared to assist no matter the financing structure chosen for a project. Our experience involving numerous capital sources includes leveraged finance, term loans, equity and mezzanine financings, bond solutions (Section 144A offerings, high-yield offerings and private placements) bank term loans, ECA financings and any combination of the above. Our US and English law capabilities, coupled with experience in finance and securities laws of many other jurisdictions, enable us to guide clients on the nuanced challenges of each situation.
We have an outstanding worldwide reputation for delivering on innovative transactions in numerous jurisdictions, assisting clients to bring a number of "firsts" to market with our commercial and pragmatic approach.
In addition to our development and finance teams, we regularly represent both buyers and sellers in competitive auctions, and we have the knowledge and experience to ensure that our clients successfully navigate the auction process. Our lawyers have extensive experience devising creative deal structures; designing disposition and acquisition programs; and planning and implementing strategies for sellers, acquirers, acquisition targets and joint venture partners. The Financial Times has recognized our regulatory team's innovation, skills and experience assisting clients in managing governmental and commercial issues pre- and post-transaction. Our antitrust lawyers can advise on key triggers and filing patterns across jurisdictions as well as lead the filing and clearance process by liaising with relevant competition authorities. We also have capital markets and acquisition finance teams who assist in "through life" support for infrastructure assets including financing, refinancing or restructuring of existing assets, or an exit through an IPO. Our full-service offering also includes advising on tax structuring, employment and pension issues, real estate matters and management equity arrangements.
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AWARDS & RECOGNITION
"The White & Case team is outstanding. Their key strengths are knowledge, tenacity and enthusiasm. They are a pleasure to work with. There is an amazing depth in their resources and the right people always make themselves available."
"It's an infrastructure project in the natural gas space and we've been very pleased with their work. They have local partners in the area, and they have links to local lawyers. We've found them to be very helpful with guiding us through the jurisdiction."
Chambers Global: Projects & Energy 2019 (client quotes)
Band 1: Projects & Energy (14th consecutive year)
Chambers Global 2019
Australian Law Firm of the Year: Project Finance and Development
Best Lawyers 2019
Best Transit Project: LAX Automated People Mover
Americas P3 Deal of the Year: LAX Automated People Mover
North American PPP Deal of the Year: LAX Automated People Mover
P3 Bulletin 2018, Project Finance International 2018, IJGlobal 2018
Airport Finance Law Firm of the Year 2015, 2018
Road Finance Law Firm of the Year 2012, 2014, 2018
Seaport Finance Law Firm of the Year 2012, 2017, 2018
Global Transport Finance Awards
Energy and Infrastructure Team of the Year
The Lawyer 2018
Transportation and Infrastructure Team of the Year
African Legal Awards 2018
Europe Social Infrastructure Deal of the Year: Ikitelli Hospital
Europe Roads Deal of the Year: Pedemontana Veneta
Africa Transport Deal of the Year: Nacala Logistics Corridor
Latin America Telecoms Deal of the Year: Red Compartida
MENA Social Infrastructure Deal of the Year: Paris-Sorbonne Campus PPP
Asia-Pacific Transport Deal of the Year: Melbourne Metro Tunnel and Stations
IJGlobal Awards 2017
Asia-Pacific Infrastructure Deal of the Year: Melbourne Metro Tunnel and Stations
Middle East and Africa Logistics Deal of the Year: Nacala Logistics Corridor
Europe Transport Deal of the Year: Pedemontana Veneta
Europe PPP Deal of the Year: Ikitelli Hospital
Project Finance International Awards 2017
Projects, Energy and Infrastructure Law Firm of the Year
ALB Japan Awards 2017
Nacala Corridor project
Representation of Vale S.A. and Mitsui & Co., Ltd. in connection with the development and US$2.73 billion financing of the landmark Nacala Corridor Railway and Port Project, an integrated and transformative infrastructure project supporting growth along a regional corridor shared by two countries, Mozambique and Malawi. The project was awarded "Africa Transport Deal of the Year" at the 2017 IJGlobal Awards and "Middle East and Africa Logistics Deal of the Year" at the 2017 PFI Awards.
Los Angeles International Airport Automated People Mover
Representation of ACS Infrastructure Development, Balfour Beatty Investments, Bombardier Transportation, Fluor Corporation and Hochtief PPP Solutions in connection with their successful bid for and financial close of the Automated People Mover project of the LAX Landside Access Modernization Program. The financing consisted of a combined bank/bond structure with US$1.2 billion of private activity bonds, which were rated investment-grade by Fitch, combined with a US$270 million, five-year construction facility provided by commercial banks. The project was awarded "Best Transit Project" at P3 Bulletin's 2018 P3 Awards, "Americas P3 Deal of the Year" at the 2018 PFI Awards and "North American PPP Deal of the Year" at a the 2018 IJGlobal Awards.
Superstrada Pedemontana Toll Road
Representation of J.P. Morgan, as global coordinator and liquidity management transaction provider, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction comprises the issuance of €1.221 billion variable rate senior secured amortizing notes and €350 million step-up subordinated secured notes and a related structured repo transaction. This transaction was awarded "Europe Road Deal of the Year" at the 2017 IJGlobal Awards, "Europe Transport Deal of the Year" at the 2017 PFI Awards and "Europe PPP Deal of the Year" at the 2018 Infrastructure Investor Global Awards.
Red Compartida Wholesale Shared Network
Representation of the members of the consortium that incorporated Altán Redes, the first Mexican wholesale shared mobile network, in the implementation of agreements required for the design, installation, operation, maintenance and commercialization of a nationwide 700 MHz LTE wholesale shared network, and for the exploitation of two optical fiber strands assigned by the Comisión Federal de Electricidad. The Altán project is considered the most important telecommunications project of its type in the history of Mexico, and is expected to transform the market with a mobile 4G network ultimately covering more than 90 percent of Mexico's population. This transaction was named "Latin America Telecoms Deal of the Year" at the 2017 IJGlobal Awards as well as "Best Loan" and "Best Infrastructure Financing: Mexico" at the 2017 LatinFinance Awards.
Melbourne Metro Tunnel
Representation of the Melbourne Metro Rail Authority in the AUD 11 billion Melbourne Metro Rail Project, the largest transport infrastructure project ever undertaken in Australia. Our team members advised, in conjunction with Herbert Smith Freehills, on all legal aspects of the project including drafting and advising on the legal early works contracts, PPP documentation, alliance and other procurement documents and processes, as well as on environmental and property issues. This project was awarded "Asia-Pacific Transport Deal of the Year" at the 2017 IJGlobal Awards and "Asia-Pacific Infrastructure Deal of the Year" at the 2017 PFI Awards.
Ikitelli Hospital PPP
Representation of the lenders and hedging banks, including JBIC, NEXI, SMBC, MUFG, Standard Chartered Bank, Nippon Life Insurance Company, Dai-ichi Life Insurance Company and The Iyo Bank, in the US$1.83 billion financing of the 2,682-bed Ikitelli Hospital public- private partnership in Istanbul, Turkey. The Ikitelli Hospital will be one the world's largest hospitals, creating 10,000 jobs and providing services to 23,600 patients daily. The transaction was named "Europe Social Infrastructure Deal of the Year" at the 2017 IJGlobal Awards and "Europe PPP Deal of the Year" at the 2017 PFI Awards.
Sorbonne University Abu Dhabi PPP
Representation of the lenders in connection with the approximately US$250 million refinancing of the Sorbonne University PPP Project in Abu Dhabi. This deal was awarded "MENA Social Infrastructure Deal of the Year" at the 2017 IJGlobal Awards.
Fadhili Residential Camp CHP
Representation of Saudi Aramco, as procurer, in the structuring, tendering, development and financing of the 2,500-plus unit Fadhili residential camp to be developed on a build, own, operate and transfer (BOOT) basis with an additional 200-plus unit government security residential facility to house personnel providing security for the Fadhili residential camp and the other Saudi Aramco facilities in the Fadhili area, Kingdom of Saudi Arabia. The transaction was named "MENA Power Deal of the Year" at the 2017 IJGlobal Awards.
D4/R7 expressway PPP project
Representation of the Ministry of Transport, Construction & Regional Development of the Slovak Republic in the selection of the concessionaire for the PPP project for the design, construction, finance and operations and maintenance of the D4 highway and the R7 expressway. The €1.7 billion project involves the construction of the southeastern section of Bratislava's ring road and part of the southern expressway network that links eastern and western Slovakia; and the maintenance of these roads for a period of 30 years. This transaction was awarded "2016 PPP Deal of the Year" by Project Finance International and "2016 European Roads Deal of the Year" by IJGlobal.
Third Istanbul Airport
Representation of the lenders in the €4.5 billion financing of the Third Istanbul Airport Project. The consortium in charge of financing, design, construction and operation of the new airport comprises five Turkish construction companies: Cengiz; Mapa; Limak; Kolin; and Kalyon. The total investment amount of the project is more than €10 billion. It represents the largest airport financing in the world. This transaction was awarded "2015 Best Project Finance Deal of the Year," "2015 Best PPP Deal" and "2015 Best Infrastructure Deal of the Year" by EMEA Finance.
A8 Motorway Refinancing
Representation of a credit consortium consisting of mandated lead arrangers, banks and institutional investors in a new form of refinancing for the A8 motorway project in Germany. The project, implemented as a public-private partnership, was refinanced for a total of €440 million through project bonds, bank loans and a new type of credit support from the European Investment Bank (EIB). The new instrument, Senior Debt Credit Enhancement (SDCE), is provided by the EIB to strengthen the credit quality for financings of infrastructure projects in the form of a funded subordinated loan. The SDCE replaces guarantees and is designed in particular to reduce the traffic risks of the project for the benefit of the senior creditors.
Representation of Terminal Internacional del Sur S.A., as borrower, and Santa Sofía Puertos S.A., as sponsor, in connection with the US$280 million non-recourse project financing of the expansion of the Matarani Port in the Islay district of Arequipa, Peru, which is being provided by a group of top-tier international commercial banks. The expansion project is expected to more than double the port's handling capacity through the development, construction and operation of dedicated mining concentrate storage, handling and shipping facilities supported by ship-or-pay agreements with major mining companies in Peru. This transaction was selected as "2015 Best Port Financing Deal of the Year" by LatinFinance and "2014 Latin American Transport Deal of the Year" by IJGlobal.
Zayed University Refinancing
Representation of the lenders in connection with the approximately US$850 million refinancing of the Zayed University New Campus Abu Dhabi PPP Development project. This deal was awarded "MENA Social Infrastructure Deal of the Year" by IJGlobal 2015. We also advised the lenders on the initial US$1 billion construction and financing of the project.
Representation of the European Investment Bank (EIB) in the first "project bond" to be issued in France and the first in Europe to be issued for digital infrastructure. It is also the first project bond to be governed by French law and to be listed on the Paris Stock Exchange. The project bond refinances 11 French telecoms concessions that are owned by Axione Infrastructures, which will continue and extend its implementation of fast and super-fast digital infrastructure in sparsely populated areas. This matter was awarded "2015 European Telecoms Deal of the Year" by IJGlobal.