Latin America

About

White & Case's Latin America Practice Group encompasses more than 300 lawyers around the world, most of whom are fluent in Spanish and/or Portuguese and have extensive experience living and working in Latin America. We seamlessly support our clients in Latin America, with lawyers based throughout our fully integrated offices, and especially those based in Mexico City, São Paulo, Miami, New York, Madrid, Houston, London, Paris and Washington, DC.

Clients doing business in Latin America benefit from our unique combination of:

  • Unmatched strength across all major practice areas: Debt Finance, Capital Markets, Financial Restructuring and Insolvency, Regulatory & Compliance, International Arbitration, International Trade, M&A/Antitrust, Commercial Litigation, Project Development & Finance, and White Collar Investigations;
  • Longstanding local presence and dedicated, diverse teams of experienced lawyers with the right skills for Latin America-related work; and
  • Deep regional expertise in key industries: financial institutions and fintech; infrastructure; mining & metals; energy (including energy transition); technology, media & telecommunications; aviation; food & beverage; and private equity.

Unmatched cross-border strength across all major practice areas

Debt Finance

We regularly represent lenders, companies and funds in the most significant, complex and high- value cross-border bank finance and direct lending transactions in Latin America, including leveraged buyouts and recapitalizations, syndicated and bilateral loans, bridge loans, secured and unsecured loans, asset-based loans and other structured finance transactions, trade and commodity financings, investment-grade financings, workouts, restructurings, debtor-in-possession financings and exit financings.

AWARDS & RECOGNITION

Band 1, Banking & Finance, Chambers Latin America, 2013 – 2023

Tier 1, Banking & Finance, The Legal 500, 2013 – 2022

Banking & Finance Deal of the Year: LATAM Airlines, Latin Lawyer, 2020

Loans Deal of the Year: LATAM Airlines DIP financing, IFLR Americas Awards, 2020

Capital Markets

Our debt, equity and structured finance teams have earned a leading reputation for advising on "first to market" and award-winning Latin America transactions, including public offerings, private placements, liability management transactions, securitizations, project bonds, convertible bonds, debt programs, investment-grade bonds, high-yield bonds and sovereign offerings.

AWARDS & RECOGNITION

Tier 1, Capital Markets, The Legal 500, 2022

Capital Markets Deal of the Year: Nubank's US$2.6 billion IPO, Latin Lawyer, 2021

Road/Rail Financing of the Year: Rumo's 500m Green Project Bond, LatinFinance, 2021

Equity Follow-On of the Year – Banco Inter's R$5.5 Billion Follow-On Offering, LatinFinance, 2021

Bond Deal of the Year: Colbún Transmisión's Acquisition Financing, LatinFinance, 2021

Financial Restructuring and Insolvency

Clients who appoint us on financial restructuring and insolvency matters seek a recognized leader in complex insolvencies and workouts. We offer our clients a substantial and inter-connected team throughout Latin America and have "on the ground" resources in both Mexico and Brazil.

We regularly represent multinational corporations in simultaneous proceedings in Latin America. Our practice represents clients across all aspects of restructurings, workouts and insolvency matters, including both transactional and litigation matters. Our offering covers the full spectrum of the distressed continuum, advising clients on all aspects of corporate and financial restructurings through to Chapter 11 and Chapter 15 proceedings.

AWARDS & RECOGNITION

Band 1, Banking & Finance, Chambers Latin America, 2013 – 2023

Tier 1, Banking & Finance, The Legal 500, 2013 – 2022

Restructuring Deal of the Year: Avianca's Chapter 11 restructuring, Latin Lawyer, 2021

Restructuring Deal of the Year: Ad Hoc Argentine Bondholder Group, Latin Lawyer, 2020

Restructuring Deal of the Year: Constellation Oil Services, IFLR Americas Awards and Latin Lawyer, 2020

Project Development and Finance

Consistently ranked number one by leading publications for project development and finance in Latin America, we have more than 50 bilingual and trilingual lawyers that are fully dedicate to advising on project structuring, development, construction, financing, operation, restructuring and expansion in energy, and in transportation, water, telecommunications and other social or digital infrastructure.

AWARDS & RECOGNITION

Band 1, Project Finance, Chambers Latin America, 2009 – 2023

Tier 1, Projects & Energy, The Legal 500, 2012 – 2022

Americas Project Finance Team of the Year, IFLR Americas Awards, 2022

Project Finance Team of the Year, Chambers Latin America Awards, 2021

Americas Transmission Deal of the Year: Alfa Desarrollo, PFI Awards, 2021

Latin America Social Infrastructure Deal of the Year: Smart City Rio, IJGlobal, 2021

Latin America Renewables Deal of the Year: Matrix Renewables PMGD Portfolio, IJGlobal, 2021

International Arbitration

Over the past quarter of a century, White & Case has advised on billions of dollars in disputes spanning virtually every jurisdiction across Latin America. We have a unique and pioneering history in Latin American arbitration that gives our clients a distinct advantage in confronting complex commercial and investment disputes. Our Latin American Arbitration team forms part of the largest arbitration practice in the world: a global practice of more than 200 practitioners that includes a diverse team of more than 75 lawyers who are fluent in Spanish or Portuguese, representing more than a dozen nationalities from across the Americas.

AWARDS & RECOGNITION

Band 1, International Arbitration, Chambers Latin America, 2014 – 2023

Band 1, International Arbitration, Chambers Global, 2021

Tier 1, International Arbitration, The Legal 500 Latin America, 2022

#1 in International Arbitration, Global Arbitration Review, (2015 – 2019, 2021)

#1 in Latin American Arbitration, Latinvex, 2021

International Arbitration Law Firm of the Year, Who's Who Legal, 2018 - 2020

M&A

Our global M&A team of nearly 600 lawyers provides geographic coverage, technical capability, strategic perspective and cultural knowledge that are invaluable for cross-border M&A into Latin America. Our knowledge of the various markets coupled with the strength of our M&A credentials enable us to be uniquely qualified to devise creative deal structures, win auctions, design acquisition and disposal programs, assess and adequately allocate legal risks, and implement productive strategies for acquirers, sellers or acquisition targets.

International Trade

The International Trade practice of White & Case has been active in Latin America since the early 1990s. Over the course of the last three decades, the group has helped some of the region's most important companies access foreign markets and defend their own markets from unfair trade. The group has also advised Latin American governments in enforcing their rights in international trade agreements (including the WTO Agreement), and advised the region's governments and the private sectors during the negotiation of multilateral and regional trade agreements.

AWARDS & RECOGNITION

Ranked #1 in Latin America and Brazil, Refinitiv, H1 2022

Private Private Deal of the Year: QuintoAndar's acquisition of Navent, Latin Lawyer, 2021

M&A Deal of the Year: Canadian Pacific Railway/Kansas City Southern, IFLR Americas Awards, 2021

Ranked #1 by value for M&A in Latin America and Mexico, Mergermarket, 2021

Ranked #1 by value for M&A in Brazil, Thomson Reuters Global M&A, 2021

Antitrust, White Collar, Litigation

Our Antitrust, White Collar, Litigation and other specialty lawyers advise clients in Latin America on the complexities of proposed cross-border transactions. Clients count on our extensive experience in litigation against governmental authorities or private parties, counseling on delicate questions and comprehensive worldwide coverage of merger control regimes, as well as anti-corruption related matters.

Compliance & White Collar Investigations

Our lawyers regularly represent clients before global enforcement agencies and regulators, such as the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), in connection with investigations and enforcement actions, and are well-positioned to provide up-to-date guidance with respect to global anti-corruption and other white-collar enforcement trends and compliance standards. Within Latin America, we work entirely in Spanish or Portuguese, thus ensuring that such investigations proceed efficiently and rapidly, with nothing lost in translation.

White & Case helps multinational companies with a Latin America nexus investigate and respond to whistleblower complaints and government inquiries involving allegations of serious fraud, accounting manipulation, kickbacks, bribery of government officials, ethics violations, conflicts of interest and other policy violations. White & Case is unique among major law firms in that it has an experienced team of fluent Spanish and Portuguese speakers to lead its Latin America fraud and corporate-investigations practice.

Tier 2, Compliance and Investigations, The Legal 500 Latin America, 2022

Deep regional expertise in key industries

Financial Institutions

We represent leading Latin American and global financial institutions in the region on a broad range of legal matters, including regulatory advice, finance, M&A and other transactions, disputes, investigations and IP and fintech issues. Our clients include banks, non-bank financial institutions, fintech companies and a broad range of funds.

AWARDS & RECOGNITION

Capital Markets Deal of the Year: Nubank's US$2.6 billion IPO, Latin Lawyer, 2021

Infrastructure

White & Case is a leader in infrastructure in Latin America. We are uniquely positioned to provide integrated advice across practice areas throughout the entire life cycle of an infrastructure project, including development, financing, acquisition, privatization, restructuring and exit. We combine our in-depth sector expertise with country knowledge and our global experience, insight and judgment to assist clients bring "firsts" to market.

AWARDS & RECOGNITION

Latin America Social Infrastructure Deal of the Year: Smart City Rio, IJGlobal, 2021

Latin America PPP Deal of the Year: Smart City Rio, Proximo Awards, 2021

Infrastructure Financing of the Year: Salaverry Port, LatinFinance, 2021

Social Infrastructure Financing of the Year: Project Condor, LatinFinance, 2021

Infrastructure Law Firm of the Year: Latin America, LatinFinance, 2020

Infrastructure Financing of the Year: Southern Cone (Argentina, Chile, Paraguay, Uruguay): Rutas 2 and 7, LatinFinance, 2020

Mining & Metals

Our global mining and metals team's 50 years of emerging markets experience and knowledge is invaluable to investors and companies looking to divest, invest or raise finance in Latin America. We have the depth of experience necessary to support clients entering new markets and looking to protect their investment in even the most challenging political environments.

AWARDS & RECOGNITION

Tier 1, Mining & Minerals, The Legal 500 UK, 2021

Latin America Mining Deal of the Year: Project Serrote, Proximo Awards, 2021

Latin America Mining Deal of the Year: Project Serrote, IJGlobal, 2020

Energy and Energy Transition

We know energy in Latin America. Our lawyers have in-depth knowledge and experience to advise our energy industry clients in all asset classes in Latin America, including onshore and offshore renewable power, LNG-to-power, LNG liquefaction, fuel supply, transmission and storage. We can assist in all aspects of an energy project, from development, acquisition and finance of projects to disputes and exit, both in the regions of Latin America where our clients currently do business and the regions into which they are looking to expand.

Our dedicated team continues to advise on many of the most innovative and complex energy transactions in the region, many of which are market firsts, as well as on high-stakes disputes. Our lawyers are extremely adept at not only understanding and advising the industry, they are also fully engrained in the culture and language of the entire region, providing localized insights to help navigate this rich, dynamic energy landscape in an ever-changing environment.

Clients focused on the energy transition, including carbon-capture, green hydrogen and renewable energy projects, come to us for our ability to deliver holistic legal and commercial advice across the energy value chain. Our lawyers have significant experience in energy transition technologies and sustainability of projects, including acquisitions and divestitures, strategic venturing, development of greenfield and brownfield projects and financings, and energy/climate-related litigation.

AWARDS & RECOGNITION

Americas Transmission Deal of the Year: Alfa Desarrollo, PFI Awards, 2021

Latin America Renewables Deal of the Year: Matrix Renewables PMGD Portfolio, IJGlobal, 2021

Latin America Petrochemicals Deal of the Year: Braskem Idesa Refinancing, IJGlobal, 2021

Latin America Solar Deal of the Year: Matrix Los Llanos, Proximo Awards, 2021

Infrastructure Financing of the Year: Central America: Energía del Pacífico LNG Thermo Power Plant, LatinFinance, 2020

Latin America Renewables Deal of the Year: Javiera/Sol del Desierto, IJGlobal, 2020

Latin America Emerging Energy Deal of the Year: Condor/Enel X Chilean Buses, Proximo Awards, 2020

Latin America Oil & Gas Deal of the Year: Trident Energy, Proximo Awards, 2020

Energy Legal Services Provider of the Year: Petroleum Economist, 2020

Private Equity

From groundbreaking, multibillion-dollar, multijurisdictional acquisitions and financings to strategic add-on deals, our Latin America private equity team implements equity and debt-related transactions with precision and care for established private equity sponsors, infrastructure funds, sovereign wealth funds and portfolio companies across Latin American jurisdictions.

AWARDS & RECOGNITION

Ranked a Top 10 Legal Advisor for Global Private Equity by Deal Value, Mergermarket, 2018 – 2021

Ranked Tier 1 for Private Equity, Best Lawyers, 2017 – 2020

Experience

Unmatched strength in complex, cross-border matters and truly local insight gained through our longstanding presence in, and deep bench of experienced lawyers dedicated to, the Latin America

São Paulo Metro Line 6 project financing
Representation of the senior lenders, including multilateral lenders, development finance institutions and a syndicate of commercial banks, BNDES (Brazil's national development bank) in the project financing of the approximately US$3 billion São Paulo Metro Line 6 in Brazil. This is the first-ever limited recourse financing of an infrastructure PPP project in Brazil by BNDES and is currently the largest PPP project under construction in Latin America.

QuintoAndar Acquisition
Representation of QuintoAndar, Ltd., a proptech unicorn startup company that has developed a real estate marketplace focused on rentals and sales, in its acquisition of Navent Group's real estate portals and operations in Argentina, Brazil, Chile, Ecuador, Mexico, Panama, Peru and Venezuela. This transaction has been recognized as "M&A Private Deal of the Year" by Latin Lawyer.

Rutas 2 y 7 Project in Paraguay
Representation of Rutas del Este, the leading Paraguay-based construction company; Sacyr Concesiones, the leading Spain-based global developer of large-scale infrastructure project; and Ocho A, the leading Paraguay-based construction company. We advised these clients on a novel financing, the proceeds of which will be used to complete the national routes 2 and 7 road project in Paraguay. We also advised the sponsors on the original financing for the project that closed in 2019. The original financing was the largest private investment in the history of Paraguay to date and Paraguay's first public-private partnership (PPP).

USPP for PMGD projects in Chile
Representation of the purchasers and the lender in connection with the US$290,000,000 purchase and sale of notes issued by Matrix Renewables Chile SpA, the proceeds of which will be used to finance a 328 MW portfolio of PMGD projects in Chile. The notes were issued in the form of a private placement. BNP Paribas acted as placement agent and lender for the transaction.

New Juazeiro solar project in Brazil
Representation of Atlas Renewable Energy, as sponsor, and certain of its affiliates, as borrower and guarantors, in connection with a breakthrough transaction for the development and limited recourse financing of the 187 MWp New Juazeiro solar power project (also known as “Jacaranda”). The plant is to be built in the state of Bahia, Brazil and is expected to generate 440 GWh per year. The financing, provided by IDB Invest and DNB Bank ASA, is the first of its kind in that it is the first solar project in Brazil being financed exclusively in US dollars. The plant will provide clean energy to a Brazilian subsidiary of Dow Inc. under a 15-year power purchase agreement. This transaction has been recognized as “Latin American Solar Deal of the Year” by Proximo Awards.

AMP Capital joint venture with Enel X in Chile
Representation of AMP Capital and its joint venture with Enel X in connection with the long-term financing for the acquisition of 433 electric buses and related charging infrastructure that are being used for the provision of public transportation services in Santiago, Chile. This transaction has been recognized as "Latin America Transport Deal of the Year" by IJGlobal and "Latin America Emerging Energy Deal of the Year" by Proximo Awards.

Aeroméxico restructuring
Representation of Aeroméxico in connection with the restructuring of their aircraft fleet during the airline's Chapter 11 case in New York, including renegotiation of Aeroméxico's existing leases (to the extent Aeroméxico assumed such leases) and financing facilities, as well as various maintenance and other agreements that Aeroméxico uses to operate or maintain its fleet of aircraft.

Restructuring of Argentina's external debt
Representation of the Ad Hoc Argentine Bondholder Group, the largest group of the Republic of Argentina bondholders, in the successful restructuring of approximately US$64 billion of the country's external debt. The Group comprised major institutional investors who collectively held in excess of US$17 billion of Argentina's bonds. This transaction has been recognized as "Restructuring Deal of the Year" by Latin Lawyer.

Financing of new international Quito airport
Representation of Corporación Quiport S.A. in connection with a long-term concession to operate the existing Mariscal Sucre International Airport in Quito, Ecuador and to undertake the turnkey development of a new international airport. We advised on the subsequent renegotiation of the economic terms of the concession following the Constitutional Court's declaration that airport tariffs were public funds and in the face of Ecuador's denunciation of the ICSIC Convention. Subsequently, we represented Quiport in connection with the two-step refinancing of the original project finance debt, through a hybrid project bond and LPN structure in a highly regulated industry. The proceeds of the US$400 million offering were used to refinance the existing senior secured credit facility for the development, construction and operation of the new Mariscal Sucre International Airport in Quito, Ecuador. The transaction marks a significant moment for the country in the international capital markets as Quiport became the first Ecuadorian Non-Sovereign (or Quasi-Sovereign) Issuer in over 20 years. The transaction was named "Latin American Airport Finance Deal of the Year" by both Airfinance Journal and International Finance Legal Review, and "Latin American Transport Deal of the Year" by Project Finance.

Electrobras Notes Offering
Representation of the initial purchasers in relation to the issuance in aggregate of US$1.25 billion unsecured notes by Centrais Elétricas Brasileiras S.A. - Eletrobras, the biggest power utility company within Latin America, and on a related tender offer.

First democratization process in Colombia with an international tranche structured through a direct share offering through the Bolsa de Valores de Colombia
Representation of the international placement agents in an offering of common shares of Grupo Energía Bogotá S.A. ESP by the District Capital of Bogotá, its controlling shareholder, through the BVC (Colombian Stock Exchange). The District Capital of Bogotá offered common shares in a global offering, which included an international offering pursuant to Rule 144A/Regulation S through which non-Colombian investors could bid to participate in the global offering.

Commercial arbitration in connection with hydroelectric plant in Guatemala
Representation of Grupo Terra in a commercial arbitration brought by OHL, in connection with complex geotechnical, delay and damages issues in the construction of a hydroelectric plant in Guatemala. An ICC tribunal denied OHL's monetary claims in its entirety and instead awarded to Grupo Terra 100% of its counterclaims, 100% of its damages and 100% of its costs.

Deep regional expertise in key industries

Energy and Energy Transition

Los Llanos solar plants in Colombia
Representation of IDB Invest, the leading US-headquartered international organization which supports Latin American and Caribbean economic development, social development and regional integration by lending to governments and government agencies; and Bancolombia, the leading Colombia-based financial institution. We advised these clients on a senior secured and subordinated financing, the proceeds of which were used to finance the Bosques Solares de Los Llanos portfolio of solar photovoltaic plants located in Colombia. This financing is ground-breaking, as it represents the first non-recourse financing and first long-term financing for solar PV or wind assets in Colombia. The transaction was recognized as "Latin America Solar Deal of the Year" by Proximo Awards.

Senior Secured Acquisition Financing of Colbún Transmisión in Chile
Representation of Alfa Desarrollo, a consortium controlled by APG Energy and Infra Investments and Celeo Redes, as borrower and issuer, in the structuring and closing of the senior secured financing for the acquisition of Colbún Transmisión, by Alfa. The transaction value is circa US$1.3 billion. The acquisition included the transfer of ownership of circa 899 kilometers of transmission lines and 27 substations owned and operated by Colbún Transmisión, in the Chilean Sistema Eléctrico Nacional (National Electric System), representing circa 5 per cent of the total transmission market in Chile. Our team worked on all aspects of the financing including the issuance of 4.55 per cent senior secured notes due 2051, issued pursuant to Rule 144A and Regulation S under the US Securities Act, and a senior secured letter of credit facility. The transaction has been recognized as "Americas Transmission Deal of the Year" by PFI Awards.

Acquisition and Financing of Gasmar in Chile
Representation of Arroyo Energy Investment Partners, the leading US-based global investment management services firm, in the acquisition by its investment vehicle Inversiones Arco 4 of the equity interests of Gasmar from Empresas Gasco and Abastible, a wholly owned subsidiary of Empresas Copec, and the financing of the acquisition. Gasmar owns and operates one of the largest LPG terminals on the Pacific Coast of South America.

Cabo Leones and San Pedro project financings in Chile
Representation of The Bank of Nova Scotia, KfW IPEX-Bank, ING Capital, MUFG Bank, Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial, as lenders, issuing banks and mandated lead arrangers, and MUFG Bank, as administrative agent and intercreditor agent, in connection with the financing of two renewable power projects in Chile. The financings consisted of a US$217 million non-recourse first/second-lien project financing for Cabo II, a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II located in Atacama, Chile; and a US$103.2 million non-recourse project financing for San Pedro, a 101 MWp solar photovoltaic power plant, owned and operated by GPG Solar Chile 2017 and located in Antofagasta, Chile.

Javiera and Sol del Desierto private placement in Chile
Representation of Atlas Renewable Energy, as sponsor, in connection with a planned US$253 million issuance of notes in the form of a US private placement. The innovative transaction will be the largest solar PV green private placement in Latin America to date. DNB Markets acted as sole lead placement agent. The proceeds of the notes are expected to be used to (i) develop and construct a 244 MWp solar project, and (ii) to refinance an existing 70 MWp solar project, both of which are located in Chile. This transaction was been recognized as "Latin American Renewables Deal of the Year" by IJGlobal.

Sempra Energy sales in Peru and Chile
Representation of Sempra Energy on its US$3.59 billion sale of Peruvian businesses, including its 83.6% in Luz Del Sur to China Yangtze Power International (Hongkong) Co., Limited. and on its US$2.23 billion sale of Chilean businesses, including its 100% stake in Chilquinta Energía S.A., to State Grid International Development Limited (SGID). The transactions were named "Overseas M&A, Belt & Road, Power Industry" and "Overseas Deal, M&A, Energy deals of the year" by China Business Law Journal, respectively.

Invenergy and Energía del Pacifico project financing in El Salvador
Representation of Invenergy and Energía del Pacifico, Ltda. de C.V., as sponsor and borrower respectively, in the development and financing of a 378 MW power plant in El Salvador and its related infrastructure, including a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas (LNG) delivery, storage and regasification, as well as a natural gas pipeline running from the FSRU to the power plant. The transaction has been recognized as "Infrastructure Financing of the Year: Central America" by LatinFinance.

Cidade de Ilhabela FPSO in Brazil
Representation of Citigroup Global Markets Inc., MUFG Securities Americas Inc., ING Financial Markets LLC and Mizuho Securities USA LLC, as initial purchasers, and ABN AMRO Securities (USA) LLC, Société Générale, DNB Markets, Inc., Natixis Securities Americas LLC, Coöperative Rabobank U.A., Credit Agricole Securities (USA) Inc. and SMBC Nikko Securities Americas, Inc., as co-managers, in connection with a project bond offering of US$850 million 5.198% senior secured notes due 2034 by Guara Norte S.à. r.l. The issuer is owned by SBM FPS Holding (SBM) (75%) and Mitsubishi Corporation (25%). Guara Norte is the owner of the floating production storage and offloading unit Cidade de Ilhabela, which is deployed on and critical for the monetization of the pre-salt Sapinhoá oil field in the Santos Basin in Brazil. The members of the consortium formed by Petróleo Brasileiro S.A. – Petrobras, BG E&P Brasil Ltda. (Shell) and Repsol Sinopec Brasil S.A. constitute the ultimate beneficiaries of the FPSO's services. The notes are secured by mortgage over the FPSO, assignment of rights over cash balance and cash flows, and equity interest in Guara Norte, among others.

Occidental Petroleum's sale of assets in Colombia
Representation of Occidental Petroleum Corporation on its US$825 million sale of onshore oil and gas assets in Colombia to The Carlyle Group, a private equity management firm.

CELSE gas-fired power generation project and related LNG facility in Brazil
Representation of Goldman Sachs & Co. LLC, Inter-American Investment Corp., International Finance Corp. and Swiss Export Risk Insurance in the structuring of the financing for the design, construction and operation of Centrais Elétricas de Sergipe S.A.'s (CELSE) 1,516 MW thermoelectric power plant and related liquefied natural gas receiving and gas transportation infrastructure in Brazil. The transaction was named "Project Finance Deal of the Year" by IFLR Americas Awards, "Latin American Power Deal of the Year" by IJGlobal, "Americas Latin American Power Deal of the Year" by Project Finance International, "Latin America Project Finance Deal of the Year" by Bonds & Loans, "Best Bond," "Best Infrastructure Financing Brazil," and "Financing Innovation of the Year" by LatinFinance.

Secured notes offering to refinance Brazilian FPSO
Representation of Citigroup Global Markets Inc., as global coordinator, and Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc., as joint bookrunners, in a Rule 144A/Regulation S offering of US$1.1 billion senior secured notes by MV24 Capital B.V., a Dutch special-purpose entity owned by Mitsui & Co., Ltd, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation. This transaction is believed to be the first FPSO project bond issued under Rule 144A and Regulation S. MODEC has 11 FPSO charter projects around the world, and this transaction will allow the company to diversify its financing sources and provide financing flexibility for the construction of additional FPSOs. The transaction was named "Offshore Innovation Deal of the Year" by Marine Money and "Bond of the Year" by LatinFinance.

Constellation Oil restructuring in Brazil
Representation of Constellation Oil Services, the leading provider of offshore oil and gas contract drilling and FPSO services in Brazil. Our Latin America-wide banking & finance team acted as international counsel to Constellation Oil Services in the restructuring of its circa US$1.5 billion New York law-governed bonds, project financing loans and working capital facilities. The transaction was named "Restructuring Deal of the Year" by both IFLR Americas Awards and Latin Lawyer.

Financial Institutions

Nubank dual-nation IPO
Representation of the underwriters on Nubank's US$2.6 billion dual initial public offering in New York and São Paulo. At the offer price, Nubank had a market capitalization of approximately US$42 billion, making it the most valuable listed financial institution in Latin America, the largest IPO by a Brazilian company since 2017 and the largest IPO by a Latin American company in 2021. The transaction was named “Capital Markets Deal of the Year” by Latin Lawyer and “Equity Deal of the Year” by IFLR Americas Awards.

Blackrock acquisition of Citibanamex asset management business
Representation of BlackRock, Inc. in its acquisition of the asset management business of Citibanamex, a subsidiary of Citigroup Inc. We also advised on the execution of a distribution agreement under which Citibanamex will distribute certain investment products offered by BlackRock.

Konfío's acquisition of Gestionix
Representation of Konfío, Mexico-based digital lender for small and medium-sized businesses (SMEs), in its acquisition of Mexico-based Enterprise Resource Planning (ERP) software developer Gestionix. This acquisition will allow Konfío to broaden its offer of products and serves to SMEs in Mexico.

Kuspit Casa de Bolsa's acquisition of Uniquius
Representation of Kuspit Casa de Bolsa in its joint venture with Ubiquius, pursuant to which Ubiquius would transfer its business consisting of an electronic payments platform, its existing clients, its sales force and a regulatory authorization to incorporate a popular financial entity (SOFIPO) to Kuspit, in exchange for shares that will represent up to 29.95% of Kuspit's holding entity.

Creation of Bolsa Institucional de Valores in Mexico
Representation of Central de Corretajes, a developer of infrastructure for financial markets in Latin America, Mexico and the United States, in the creation of Bolsa Institucional de Valores, Mexico's first new stock exchange in 100 years and one of the most technologically advanced stock markets in the world.

Syndicated loan financings for Latin American banks
Representation of the lenders in syndicated loans to more than 15 Latin American banks in Brazil, Colombia, Mexico, Peru, Panama, Chile and Costa Rica.

MTN programs in Latin America
Representation of Bladex and BBVA Bancomer subsidiaries in the establishment of their MTN programs.

Infrastructure

Smart City Project in Brazil
Representation of a group of sponsors in the financing for the largest integrated smart city project in Latin America, which is located in the City of Rio de Janeiro, Brazil. The financing took the form of an issuance of senior secures notes to certain investors in reliance on Rule 144A and Regulation S of the US Securities Act. The Notes are guaranteed by the U.S. International Development Finance Corporation (DFC) and Goldman Sachs acted global coordinator, sustainability bond structuring agent and initial purchaser. This transaction was recognized as "Latin America PPP Deal of the Year" by Proximo Awards and "Latin America Social Infrastructure Deal of the Year" by IJGlobal.

Salaverry Port Project
Representation of Trabajos Marítimos S.A., as sponsor, and Salaverry Terminal Internacional S.A. (STI), as borrower, in connection with limited recourse financing the proceeds of which will be used to expand the Salaverry Multipurpose Port in Peru.

Posorja port financing
Representation of DP World PLC and its subsidiary DPWorld Posorja S.A. on the project financing for a new deepwater, multipurpose port terminal to be located near Guayaquil, Ecuador. This was the first major infrastructure project awarded in Ecuador since the recent enactment of new PPP legislation. The transaction was named "Infrastructure Financing of the Year-Caribbean" by LatinFinance.

Mining & metals

Greenfield mining project in Brazil
Representation of ING Capital LLC, Société Générale and Natixis as lenders in connection with a US$140,000,000 financing for an open-pit copper-gold mine in Alagoas, Brazil, owned by Mineração Vale Verde Ltda., a subsidiary of mining-focused private equity firm Appian Capital Advisory LLP. The deal was structured on a project financing, limited recourse basis and the loans are structured as export prepayment loans that benefit from favorable tax treatment under Brazilian law. The loan facility also contemplates the sale of a gold royalty for a future upsize of the facility. The deal is thought to be the first US dollar project financing for a greenfield mining project in Brazil. This transaction was named "Latin America Mining Deal of the Year" by IJGlobal.

Companhia Brasileira de Alumínio tender offer
Representation of Companhia Brasileira de Alumínio in connection with its offer to purchase for cash any and all of its outstanding 4.750% Notes due 2024. The tender offer was completed on an accelerated timeline based on the abbreviated tender offer rules provided in the SEC no-action letter dated January 23, 2015. Banco Bradesco BBI S.A., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC acted as dealer managers for the tender offer. The company, a whollyowned subsidiary of Votorantim S.A., is the main producer of primary aluminum in Brazil and owns and operates the world's largest integrated aluminum plant. Votorantim S.A., a privately held conglomerate in Latin America, is a strong player in each of its main business segments: cement, non-ferrous metals, such as zinc, aluminum, nickel and copper, as well as steel and power generation.

Acquisition of iron-ore company in Brazil
Representation of Vale S.A., a Brazilian mining company and the largest producer of iron ore and nickel in the world, in its US$550 million acquisition of Ferrous Resources Limited, a mid-sized iron ore company, also located in Brazil.