Infrastructure

About

“Possesses a robust capability for infrastructure matters, especially in road and rail.”

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.

 

A one-stop shop for infrastructure

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:

  • Transportation
  • Energy & power
  • Telecommunications and satellites
  • Social infrastructure

 

Delivering domestic and international PPP models

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.

 

Infrastructure finance – bank and bond

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.

 

Full service

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. 

 

View all lawyers in Infrastructure

 

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

 

Experience

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.

Empresa de Transporte de Pasajeros Metro S.A.
Ongoing representation of Empresa de Transporte de Pasajeros Metro S.A., the owner and operator of the subway system in Santiago, Chile, in the structuring of multi-sourced facilities to be provided by export credit agencies and commercial banks under New York law for financing the more than US$2 billion expansion of its underground rail network, along with the acquisition of the corresponding equipment. This transaction was awarded “2015 Best Transport Financing” by Latinfinance.

Gruppo Investimenti Portuali S.p.A.
Representation of Infracapital, the leading European infrastructure investor managed by M&G Investment Management, the European investment management arm of Prudential plc, and InfraVia Capital Partners, an investment manager dedicated to the infrastructure sector, on the acquisition of Gruppo Investimenti Portuali S.p.A. (GIP). GIP is a leading container port operator in northern Italy, holding majority and minority stakes in several container terminal concessions in major Italian ports including Genoa, Livorno and Venice.

A8 Motorway Refinancing
Representation of a credit consortium consisting of mandated lead arrangers, banks and institutional investors on 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.

A7 motorway PPP project
Representation of the joint lead managers, mandated lead arrangers, bond purchasers and lenders in connection with the €610 million financing for the construction, operation and maintenance of a 1,000 km segment of the A7 motorway. The financing is the first public-private partnership (PPP) project financed by project bonds with European Investment Bank (EIB) project bond credit enhancements and bank bridge financing in the German market. Moreover, it is the first combined bank/bond financing in Europe using the EIB project bond credit enhancement. This transaction was selected as "2014 European Project Bond Deal of the Year" by IJGlobal.

Matarani Port
Representation of Terminal Internacional del Sur S.A. as borrower and Santa Sofia 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.

Adana Integrated Healthcare PPP
Representation of IFC, ERBD, DEG, Proparco, Korea Development Bank and a syndicate of commercial banks in the €550 million financing of an integrated healthcare campus public-private partnership (PPP) in Adana, Turkey. It is the first social infrastructure PPP project in Turkey to reach financial close.

I-69 Section 5 Project
Representation of Citigroup Global Markets Inc. and Jefferies LLC (as the underwriters) in connection with the public offering and sale of US$243.8 million in aggregate principal amount of Indiana Finance Authority Tax-Exempt Private Activity Bonds (I-69 Section 5 Project), Series 2014. The proceeds from the offering were loaned to I-69 Development Partners, a Delaware limited liability company controlled by Isolux Infrastructure Netherlands B.V. and Infra-PSP Canada Inc., to fund the I-69 Section 5 Project, which consists of the design, construction and financing (and, with respect to certain portions, the concurrent and subsequent operation and maintenance), of the upgrade of approximately 21 miles of existing State Road 37 - a four-lane median divided highway - between Bloomington, Indiana, and Martinsville, Indiana, to an interstate highway.

Alpha Trains
Representation of the infrastructure investors Arcus European Infrastructure Fund, Public Sector Pension Investment Board and AMP Capital Investors in the acquisition of 202 rolling stock assets from The Royal Bank of Scotland (RBS) in a combined asset and share sale transaction.

Nacala corridor project
Representation of  Vale S.A. in connection with the development and financing of the Nacala Project. The project includes the construction and financing of a new rail line to connect the Moatize mine in Tete to the existing railway line in Malawi, the rehabilitation of the existing line in the Malawi rail network, and in Mozambique between Nkaya and Monapo, the construction of a new branch line, connecting the existing railway line and the port, and the construction of a new coal port terminal in Nacala-à-Velha.

Axione Telecoms
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 IJ Global.

China municipal water distribution
Representation of the Asian Development Bank in connection with its loan to a subsidiary of a water project company to invest in multiple project companies for the rehabilitation, expansion and operation of water treatment and distribution facilities throughout China. This project was  selected as the "2012 Infrastructure and Energy Deal of the Year" by China Business Law Journal and received the "Development Impact Honors" award from the US Department of the Treasury.