Brazil

Serra Verde strategic combination and financing

Representation of Serra Verde Group, a large-scale producer of rare earth elements in its:

• Approximately US$2.8 billion combination with USA Rare Earth, Inc. (NASDAQ: USAR) to create a global leader spanning rare earth elements, oxides, metals and magnets 
• US$565 million financing provided by the US International Development Finance Corporation, the proceeds of which will be used to finance the expansion and optimization of Serra Verde's mine located in Brazil

JBS on landmark NYSE listing

Representation of 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. On June 13, 2025, the common shares of JBS N.V. began trading on the NYSE under the symbol "JBS", marking the debut of JBS's shares in the US public market. This deal was named "Initial Public Offering of the Year" by LatinFinance.

Azul Airlines chapter 11 restructuring

Representation of Azul S.A., a leading Brazilian airline, in its chapter 11 restructuring in the Southern District of New York, in which White & Case acted as special fleet counsel and led negotiations with aircraft and engine lessors, lenders, manufacturers and servicers, resulting in approximately US$2.5 billion in reduced debt and lease obligations; US$1.1 billion in reduced loans and financing debt; and a capital raise of approximately US$2.325 billion through senior notes and equity commitments.

PicPay US$434.3 million IPO

Representation of PicS N.V. (PicPay) in its US$434.3 million initial public offering, consisting of 22,857,143 Class A common shares at US$19.00 per share. This is the first new stock listing by a Brazilian company since 2021. The shares are listed on the Nasdaq Global Select Market and trade under the ticker symbol "PICS". PicPay is one of the largest digital banks in Brazil by number of customers.

SABESP A/B financing and US$1.35 billion blue bond

Representation of Inter-American Investment Corporation (IDB Invest), as lender, in Companhia de Saneamento Básico do Estado de São Paulo's (SABESP) financing agreement. The financing includes an A Loan of up to US$200 million from IDB Invest, as well as a B Bond issuance totaling US$1.35 billion, on which White & Case advised Goldman Sachs & Co. LLC, Itaú BBA USA Securities, Inc. and J.P. Morgan Securities LLC, as initial purchasers. This transaction represents the largest blue bond issuance in history and the first IDB Invest A/B bond transaction in Brazil.

Pioneiro de Libra US$420 million refinancing

Representation of Goldman Sachs and EIG—acting as structuring agents, lead bookrunners and lenders—in a US$420 million refinancing of an external turret, extended-well-test floating production, storage and offloading unit (FPSO) stationed off the coast of Brazil. The financing comprises a fixed-rate term loan facility, a floating-rate term loan facility, a revolving letter-of-credit facility and hedging arrangements with respect to the floating-rate term loans. The FPSO Pioneiro de Libra is owned by a joint venture asset equally owned by Altera Infrastructure and Ocyan S.A.

MMG first investment in Brazil

Representation of MMG Limited in its entry into a definitive agreement to acquire Anglo American's nickel business in Brazil for cash consideration of up to US$500 million. The target business is one of the largest and lowest-cost ferronickel producers in the world, and includes the Barro Alto and Codemin ferronickel mines, two high-quality greenfield growth projects, being Jacaré and Morro Sem Boné, and Anglo American's Nickel Sales Function.

SABESP's equity offering and privatization

Representation of a syndicate of international underwriters and placement agents in the BRL14.8 billion (US$2.7 billion) equity offering of Companhia de Saneamento Básico do Estado de São Paulo – SABESP, one of the world's largest water and sewage providers, making it the largest privatization in Brazil and the largest equity offering in Latin America "to-date since June 2022, and the third-largest public offering globally to-date this year." The fully secondary follow-on offering, which closed on July 22, 2024, comprised a registered offering of shares in Brazil, an SEC-registered international offering of American Depositary Shares and an international placement of shares outside Brazil. This transaction was recognized as "Capital Markets Deal of the Year" by Latin Lawyer and "Equity Follow-On of the Year" by LatinFinance.

UTE Portocem I thermal power plant financing

Representation of BNDES in connection with the financing of the UTE Portocem I, a thermal power plant (the plant) with a total installed capacity of 1,572 MWs, in the city of Barcarena, Pará, Brazil, including the associated interconnection system (the project) being developed by Portocem Geração de Energia, a subsidiary of New Fortress Energy, a leading global energy infrastructure company. In connection with the financing of the project, BNDES coordinated the issuance of simple Brazilian law debentures, in a total amount of BRL 3.5 billion. Once constructed, the project will have a significant impact on Brazil's power transition away from more polluting fossil fuels such as diesel and fuel oil. This deal was named "Power Financing of the Year" by LatinFinance and "Latin America Power to X Deal of the Year" by IJGLobal.

CSN decarbonization financing

Representation of CSN Mineração S.A., the mining arm of Brazilian integrated steel producer Companhia Siderúrgica Nacional S.A., in connection with an export prepayment financing facility for an aggregate principal amount of up to US$1.4 billion. CSNM will use the proceeds of this financing to build a new pellet feed plant to supply high-quality iron ore to its customers, helping in their decarbonization strategies for the steel sector. This transaction was recognized as "Latin America Export Finance Deal of the Year" by IJGlobal.

Non-recourse financing of Project Feijão

Representation of a syndicate of leading international banks in the US$700 million non-recourse financing of Project Feijão, a 456 MW wind project in Brazil that is being developed by Macquarie Asset Management's Green Investment Group and Hydro Rein, Norsk Hydro's dedicated company for renewables development. The project financing closed on June 26, 2023, with a syndicate comprising mandated lead arrangers and bookrunners BNP Paribas, Banco Santander, Citibank, HSBC, J.P. Morgan, Natixis and Société Générale. This is a major landmark for Brazil's power sector, as it marked the first US dollar-denominated renewables project to raise project financing solely from commercial banks without the involvement of a development agency. This transaction was awarded "Project Finance Deal of the Year" by IFLR Americas Awards, "Latin America Renewable Energy Deal of the Year" by IJGlobal and "Latin America Wind Deal of the Year" by Proximo Awards.

Financing for Mendubim solar photovoltaic power plants in Brazil

Representation of IDB Invest in the limited recourse project financing for the Mendubim 531 MWp portfolio of solar photovoltaic power plants, transmission line and associated interconnection facilities located in the municipality of Assú, Rio Grande do Norte State, Brazil. This transaction was recognized as "Renewable Energy Financing of the Year" by LatinFinance and "Latin America Renewable Energy Deal of the Year-Solar" and "Latin America Energy Transition Deal of the Year" by IJGlobal.