White & Case's Latin America Interest Group encompasses more than 250 lawyers, most of whom are ﬂuent in Spanish and/or Portuguese and have extensive experience living and working in Latin America. We support our clients in Latin America, with lawyers based throughout our network of ofﬁces, and especially those based in Houston, Mexico City, Miami, New York, São Paulo, and Washington, DC.
Clients doing business throughout Latin America beneﬁt from our unique combination of:
- Unmatched strength in all major practice areas: Debt Finance, Capital Markets, Financial Restructuring and Insolvency, Compliance, International Arbitration, International Trade, M&A/Antitrust, and Project Development & Finance
- Longstanding local presence and dedicated, diverse teams of experienced lawyers
- Deep regional expertise in key industries: financial institutions, infrastructure, mining & metals, oil & gas, power, and private equity
Unmatched cross-border strength across all major practice areas
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, real estate ﬁnancings, trade and commodity ﬁnancings, investment-grade ﬁnancings, workouts, restructurings, debtor-in-possession ﬁnancings and exit ﬁnancings.
Band 1, Banking & Finance, Chambers Latin America, 2021
Tier 1, Banking & Finance, The Legal 500, 2021
Banking & Finance Deal of the Year: China Three Gorges hydroelectric dam refinancing, Latin Lawyer, 2019
Oil & Gas Financing of the Year: TAG Pipeline, LatinFinance, 2019
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.
Tier 1, Capital Markets, The Legal 500, 2021
Bond of the Year: MV24 Capital B.V., LatinFinance Project & Infrastructure Finance Awards, 2020
Offshore Innovation Deal of the Year: MV24 Capital FPSO, Marine Money, 2019
Deal of the Year, Americas: CFE/Fibra E IPO, The Banker, 2018
Latin America Project Finance Deal of the Year: CELSE, Bonds & Loans, 2018
Financial Restructuring and Insolvency
- Clients who appoint us on financial restructuring and insolvency matters want 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
Tier 1, Banking & Finance, The Legal 500, 2021
Restructuring Deal of the Year: Constellation Oil Services, IFLR Americas Awards, 2020
Restructuring Deal of the Year: Oi S.A., LatinFinance and IFLR Americas, and Global Finance Deal of the Year, The American Lawyer, 2018
Our lawyers regularly represent clients before global 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.
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 advise on project structuring, development, construction, ﬁnancing, operation, restructuring and expansion in power, oil and gas, transportation, water, telecommunications and other social infrastructure.
Band 1, Project Finance, Chambers Latin America, 2021
Tier 1, Projects & Energy, The Legal 500, 2021
Project Finance Deal of the Year (Energy): Energía del Pacífico Power Plant, Latin Lawyer, 2019
Ranked # 1 by deal value in Latin America, IJGlobal League Table Report, 2019
Ranked #1 by deal value for Project Finance in Latin America and the Caribbean, Inframation Deals, 2019 and 1H2020
Project Finance Deal of the Year: CELSE, IFLR Americas Awards, 2019
Americas Deal of the Year: TAG Pipeline, Project Finance International Awards, 2019
White & Case is a true leader in Latin American arbitration. Since the founding of our International Arbitration practice decades ago, we have pioneered landmark cases before international and regional arbitral institutions and courts. The Firm is consistently recognized as preeminent in the ﬁeld and has successfully resolved billions of dollars in commercial and investment disputes spanning sectors and jurisdictions across the region.
AWARDS & RECOGNITION
Band 1, International Arbitration, Chambers Latin America, 2021
Tier 1, International Arbitration, The Legal 500, 2021
International Arbitration Law Firm of the Year, Who's Who Legal, 2018 - 2019
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 assisted Latin American governments enforce 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.
M&A / Antitrust
Our global M&A team of more than 500 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.
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.
AWARDS & RECOGNITION
Ranked #1 by value for M&A in Latin America, Mergermarket, 2019
Ranked #2 by total number of deals for M&A in Latin America, Latin Lawyer, 2019
Ranked among the "Elite" law ﬁrms for M&A in the US, Chambers USA, 2019
Public M&A Deal of the Year: Suzano's acquistion of Fibria, Latin Lawyer, 2019
Domestic M&A Deal of the Year: Suzano's acquistion of Fibria, LatinFinance, 2019
Overseas Deal, M&A, Energy: China Yangtze Power acquires Luz Del Sur, China Business Law Journal, 2019
Overseas M&A, Belt & Road, Power Industry: State Grid acquires Chilquinta Energía, China Business Law Journal, 2019
Deep regional expertise in key industries
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
Financial Times Innovative Lawyers North America 2018 Standout recognition, the highest ranking, for creating BIVA, Mexico's second stock exchange
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.
Infrastructure Law Firm of the Year: Latin America, LatinFinance Project & Infrastructure Finance Awards, 2020
Infrastructure Financing of the Year: Central America: Energía del Pacífico LNG Thermo Power Plant, LatinFinance Project & Infrastructure Finance Awards, 2020
Infrastructure Financing of the Year: Southern Cone (Argentina, Chile, Paraguay, Uruguay): Rutas 2 and 7, LatinFinance Project & Infrastructure Finance Awards, 2020
Latin America PPP Deal of the Year: Rutas 2 and 7, Proximo Awards, 2019
Infrastructure Financing of the Year-Caribbean: DP World Caucedo Port Terminal, LatinFinance, 2019
Project Finance Infrastructure Deal of the Year: Posorja Port, Latin Lawyer, 2018
Energy and Infrastructure Team of the Year, The Lawyer, 2018
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
Oil & gas
As the Latin America oil & gas industry takes center stage, our dedicated team continues to advise on many of the most innovative and complex oil, gas and petrochemical 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 oil & gas landscape in an ever-changing environment. From new country entry and upstream exploration, to midstream and marketing, downstream and LNG, we help our clients ﬁnd innovative solutions to help them achieve their goals. In addition to working with IOCs and service companies, we also work with NOCs and host governments, helping them implement international best practices in the oil & gas industry.
Legal Services Provider of the Year, Petroleum Economist, 2019
#1 Legal Advisor for Global Petrochemical Projects, IJGlobal, 2013 – 2019
#1 Oil & Gas Globally, Petroleum Economist Legal Survey, 2018
Latin America Oil & Gas Acquisition Deal of the Year: TAG Pipeline, Proximo Awards, 2019
Latin America Upstream Oil & Gas Deal of the Year: Trident Energy, IJGlobal, 2019
Latin American Petrochemicals Deal of the Year: Braskem Idesa, IJGlobal, 2019
We know energy in Latin America. Our lawyers have in-depth knowledge and experience to advise our power industry clients in all generation technologies and asset classes in Latin America, including renewables, conventional, fuel supply, transmission and storage. We can assist in all aspects of an energy business, 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 in which they are looking to expand.
Latin America Power Refinancing Deal of the Year: Techgen, Proximo Awards, 2019
Latin American Power Deal of the Year: CELSE, IJGlobal, 2018
Project Finance Deal of the Year: Campo Palomas, Bonds & Loans, 2018
Deal of the Year, Project Finance: El Pelicano Solar PV Project in Chile, IFLR Americas
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 Tier 1 for Private Equity in the US and New York, Best Lawyers, 2017, 2018, 2019
Ranked Top 5 Globally for Private Equity Buyouts by Deal Value, Mergermarket, 2016, 2017, 2018
Unmatched strength in complex, cross-border matters
Rutas 2 and 7 Project
Representation of Sacyr Concesiones S.L. and Ocho A S.A., as sponsors, Rutas del Este S.A., as borrower, and Rutas 2 and 7 Finance Limited, as issuer, in the US$458 million zero coupon Rule 144A/Regulation S bond arranged by Goldman Sachs & Co. LLC, acting as sole global coordinator and a US$200 million working capital and long-term project ﬁnance facilities provided by the Inter- American Development Bank, in each case for the design, construction, operation and maintenance of the 2 and 7 Road Project in Paraguay. This was the largest private investment in the history of Paraguay to date and Paraguay's ﬁrst public-private partnership (PPP). This transaction has been recognized as "Latin America PPP Deal of the Year" by Proximo Awards and "Infrastructure Financing of the Year: Southern Cone (Argentina, Chile, Paraguay, Uruguay)" by LatinFinance Project & Infrastructure Finance Awards and "Project Finance Deal of the Year (Energy)" by Latin Lawyer.
TAG Pipeline acquisition financing
Representation of a syndicate of ten international and Brazilian banks on the financing of ENGIE S.A.'s and Caisse de dépôt et placement du Québec's (CDPQ) approximately US$8.6 billion acquisition of 90 percent of Transportadora Associada de Gás S.A. (TAG), the owner of an approximately 4,500 km natural gas pipeline network in Brazil, from Petróleo Brasileiro S.A. – Petrobras. The sale was the largest in terms of dollar value of the divestments undertaken by Petrobras to date and is believed to be one of the largest project financing deals ever in Latin America in terms of deal value. This transaction has been recognized as "Syndicated Oil & Gas Deal of the Year" by LatinFinance and "Americas Deal of the Year" by Project Finance International, "Latin American M&A Deal of the Year" by IJGlobal, and "Latin America Oil & Gas Deal of the Year" by Proximo Awards.
Successful completion of Oi restructuring
Representation of Brazilian telecommunications company Oi S.A. in the completion of its US$20 billion debt restructuring, Latin America's largest-ever, including advising on new international bond issuances, new equity issuances and restructured export credit facilities. This transaction has been recognized as "Restructuring Deal of the Year" by both the IFLR Americas Awards and LatinFinance, and "Global Finance Deal of the Year" by The American 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.
Loma Negra IPO
Representation of Loma Negra, an Argentine cement company, in its US$1.1 billion IPO of ordinary shares and American depositary shares and NYSE listing.
Red Compartida development
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.
China Three Gorges acquisition
Representation of China Three Gorges Corporation, a clean energy group focused on large-scale hydropower development and operation, in its US$1.2 billion acquisition of the Brazilian business of Duke Energy Brazil. The transaction was named "Cross-Border M&A Deal of the Year" by LatinFinance.
Truly local insight gained through our longstanding presence in, and deep bench of experienced lawyers dedicated to, the region
Representation of the joint lead global coordinators and representatives of the underwriters in the US$1.4 billion initial public offering of StoneCo Ltd., a leading provider of ﬁnancial technology solutions in Brazil.
Campo Palomas acquisition and financing
Representation of Invenergy Wind LLC and several of its subsidiaries in connection with the acquisition of and ﬁnancing for the 70 MW Campo Palomas Wind Farm in the Salto Department of Uruguay.
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 percent of its counterclaims, 100 percent of its damages and 100 percent of its costs.
Deep regional expertise in key industries
Invenergy and Energía del Paciﬁco project financing
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 Project & Infrastructure Finance Awards
Sempra Energy sales
Representation of Sempra Energy on its US$ 3.59 billion sale of Peruvian businesses including its 83.6 percent 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 percent 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.
CELSE gas-fired power generation project and related LNG facility
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 LatAm 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.
Altiplano 200 solar project financing in Argentina
Representation of Neoen S.A. and its subsidiaries in connection with the project ﬁnancing of Altiplano 200, a 208 MW solar power plant in the province of Salta, Argentina. Altiplano 200 is the fusion of two individual projects that were awarded long-term power purchase agreements through competitive tenders under Argentina's RenovAr Program.
I Squared Capital add-on acquisition and related financing of Kallpa Generación and Samay I
Representation of I Squared Capital in its add-on acquisition and related ﬁnancing of a 25 percent stake in Kallpa S.A. and Samay S.A., two power generation companies based in Peru.
SIC-SING interconnection project financing
Representation of nine Chilean and international commercial banks, as senior lenders, and Prudential, as initial ﬁxed-rate note purchaser, in the project ﬁnancings of a 600-km transmission line and related substations in Chile that will connect the Sistema Interconectado Central and the Sistema Interconectado del Norte Grande of Chile, which will unify most of the country's power grid. The ﬁnancing consists of US dollar and Chilean peso senior loan facilities, and a private placement under New York law and a Chilean value-added tax facility.
Oil & Gas
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 Project & Infrastructure Finance Awards.
Constellation Oil restructuring
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.
First-ever reserve-based lending transaction in respect of upstream oil & gas assets located in Mexico
Representation of a syndicate of lenders to Petrolera Cárdenas Mora, a wholly-owned subsidiary of the Egypt-based Cheiron Petroleum Corporation, in the ﬁrst-ever reserve-based lending transaction in respect of upstream oil & gas assets located in Mexico.
Caixa Econômica Federal's secondary global offering of its 3.24 per cent stake in Petróleo Brasileiro
Representation of Caixa Econômica Federal, UBS Securities, Morgan Stanley and BofA Securities, as global coordinators and joint bookrunners, and XP Securities as joint bookrunner, in Caixa Econômica Federal's secondary global offering of its 3.24 percent stake in Petróleo Brasileiro – Petrobras. Petrobras is one of the world's largest integrated oil and gas companies, engaging in a broad range of oil and gas activities, and is controlled by the Brazilian federal government. Caixa Econômica Federal is a financial institution owned by the Brazilian federal government. The offering raised circa US$1.9 billion in net proceeds for the selling shareholder.
Petróleos del Perú bond offering
Representation of the underwriters in a US$2 billion Rule 144A/Regulation S bond offering by Petróleos del Perú – Petroperú S.A. The proceeds of the offering are intended to be used by Petroperú for a large-scale upgrade and modernization of the Talara Reﬁnery, one of the country's key oil & gas infrastructure projects. The transaction was named "Quasi-Sovereign Bond of the Year" by LatinFinance and "Latin America Downstream Oil & Gas Deal of the Year" by IJGlobal.
Pan American Energy farm-out agreement in Mexico
Representation of Pan American Energy in relation to a potential farm-out agreement with Talos Energy Offshore Mexico 2, S. de R.L. de C.V. and Sierra O&G Exploracion y Produccion S. de R.L. de C.V. covering Contract Area 2 located in Shallow Waters in the Bay of Campeche, Gulf of Mexico off the coast of the State of Veracruz in the United Mexican States.
Development of Cartagena LNG
Representation of Sociedad Portuaria El Cayao in the development of an LNG receiving, storage and regasiﬁcation facility in Cartagena, Colombia. The ﬁrst phase of the project will consist of an FSRU and related infrastructure, including a jetty, metering station, interconnection facilities and a 10-km gas pipeline that will transport the regasiﬁed fuel from the bay of Cartagena to the National Transport Network.
Blackrock acquisition of Citibanamex
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.
Banco Inter IPO
Representation of Banco Inter S.A., a digital bank and one of the leaders in the modernization of the Brazilian banking industry, as issuer, and certain selling shareholders in an initial public offering. This is the ﬁrst IPO by a Brazilian retail bank in a decade.
Creation of Bolsa Institucional de Valores
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 more than 15 Latin American banks in connection with syndicated loan ﬁnancings for borrowers in Brazil, Colombia, Mexico, Peru, Panama, Chile and Costa Rica.
MTN programs in Latin America
Representation of Bladex and BBVA subsidiaries in the establishment of their MTN programs.
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.
Dispute with the Panama Canal
Representation of Grupo Unidos por el Canal S.A. (Panama) and its shareholders Salini Impregilo S.p.A. (Italy), and Jan De Nul N.V. (Belgium) in a dispute with the Panama Canal Authority relating to the US$5.5 billion Panama Canal expansion project known as the "Third Set of Locks Project."
Corredor de las Playas financing
Representation of the Central American Bank for Economic Integration, in an up to US$450 million receivables purchase facility provided to Consorcio FCC – Corredor de las Playas I, to ﬁnance the assessment, design, construction and maintenance of the expansion of the Pan-American Highway in Panama.
Mining & metals
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 wholly-owned 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.
Maracas Menchen mine notes offering
Representation of the initial purchasers in connection with the inaugural high yield notes offering by Largo Resources Ltd., ("Largo"). We also advised the underwriters on a secondary offering of common shares. Largo operates the Maracas Menchen Mine located in Bahia, Brazil, where it mines vanadium pentoxide.
US$740 million ICSID award on behalf of Gold Reserve
We achieved a major victory for Gold Reserve in a long-running ICSID arbitration against Venezuela relating to one of the world's largest undeveloped gold/copper deposits. In a unanimous award, the tribunal found that Venezuela had acted unlawfully in violation of the Canada Venezuela bilateral investment treaty and awarded Gold Reserve more than US$740 million in damages and legal costs.
Loan to CSP Ceara Steel Mill
Representation of BNDES in connection with a US$3.1 billion loan to Companhia Siderúgica do Pecém ("CSP") and related intercreditor arrangements. CSP is building a steel mill in the northeastern Brazilian State of Ceará and, once operational, will produce three million tons of steel products.