White & Case LLP > Sao Paulo, Brazil > Firm Profile

White & Case LLP
Av. Brig. Faria Lima, 2.277 – 4th Floor
São Paulo – SP 01452-000
Brazil

Latin America: International firms > Capital markets

White & Case LLP has performed admirably in spite of a difficult climate for capital markets issuances, with deal flow from Brazil – the firm’s primary market – remaining strong with a series of bond restructuring engagements. It has a large team of capital markets specialists in São Paulo, along with a significant number of New York partners and associates that have a particular focus on Brazil. Mexico, the Andean region and Argentina are also core markets for the team; 2022 partner-hires Eduardo Flores Herrera and Narciso Campos in Mexico City are both capital markets focused. The firm has also benefitted from its strength in energy and infrastructure, areas where capital markets activity has remained relatively buoyant, and it has leveraged its prominence in liability management to significant effect. The practice group continues to benefit from its exceptional issuer client base that provides a steady pipeline of engagements, while it also maintains strong links to bulge-bracket investment banks and funds – including distressed debt funds – that are increasingly prominent in this space. Further growth in the team has come through the promotion of São Paulo’s Abraham Paul and Miami-based Karen Katri to the partnership. Donald Baker remains the premier international capital markets lawyer in São Paulo, while John Vetterli is global head of capital markets and has a major focus on the Brazil market. São Paulo’s John Guzman is increasingly prominent in Brazil capital markets offerings, and Bibiana Jaimes and the highly-rated Rafael Roberti are also key team members. Sao Paulo associate Beatriz Barros is active team member on many large deals. Named individuals are based in New York unless stated otherwise.

Practice head(s):

Carlos Viana; John Vetterli

Testimonials

Team focused on client’s needs and goals.

Partner Rafael Roberti fully available and gives quick feedback on all matters.

W&C has an incredibly strong practice that is particularly active in Brazil. Creative, responsive, smart.

Raf Roberti in particular is fantastic. He is deep, incredibly knowledgeable, commercial…just outstanding!

Key clients

Banco BTG Pactual

Itaú

XP Investimentos

Banco Bradesco

Caixa Econômica Federal

Credit Suisse

JP Morgan

Morgan Stanley

Queiroz Galvão Óleo e Gás

Sendas Distribuidora

Oi

Eneva

Bank of America

Banco Mercantil del Norte

Cydsa

Lumina Capital Management

Goldman Sachs

Equatorial Energia

AEGEA Finance

Companhia Brasileira de Alumínio

Citigroup

Santander

XP Investimentos Corretora de Câmbio

Safra

Financiera Independencia

Alpha Credit

Work highlights

  • Advised Banco BTG Pactual on the $6.9bn public offering by Centrais Elétricas Brasileiras (Eletrobras) and BNDES of 697,476,856 common shares, including 9,783,100 American Depositary Shares evidenced by American Depositary Receipts.
  • Advised Constellation Oil Services Holding on the restructuring of its $1.8bn indebtedness, including New York-law governed bonds, project financing loans and working capital facilities.
  • Advised AlphaCredit on its $800m financial and operational restructuring, including its Chapter 11 filing and negotiations with various funded debt creditors.

Latin America: International firms > Banking and finance

White & Case LLP is an indisputable leader in Latin America banking and finance. It leads the market in project finance, has a major presence in aviation finance and is active in acquisition finance in the energy and infrastructure fields. It is also at the forefront of debt restructurings and debtor-in-possession (DIP) financings in the region and is further noted for loans to financial institutions in Latin American jurisdictions. Green and sustainability-linked loans are another forte; it represented Petrobras on its debut $1.25bn sustainability-linked loan. The large banking and finance group operates from multiple offices, including Miami, New York, Washington DC, São Paulo and Mexico City. Carlos Viana  is head of the Latin America group and an eminent figure in project finance - although he is active in a range of financings, including syndicated loans. São Paulo executive partner John Anderson is a prominent name in Brazil, especially in the energy sector. New York’s Sabrena Silver has wide-ranging experience in Latin America financings; and Anna Andreeva has made an impression in asset finance, corporate loans and project finance. New York partner Bibiana Jaimes is well regarded for capital markets’ and debt financings. Named individuals are based in Miami unless stated otherwise.

Practice head(s):

Carlos Viana; Sabrena Silver

Testimonials

White & Case has an unrivaled level of experience in the financial sector. They have experience in all types of transactions, have multidisciplinary teams in different geographies, who speak various languages ​​and are always focused on the client.

We have worked extensively with Sabrena Silver and Bibiana Jaimes on various transactions and in our experience their dedication and client service is unmatched by other firms we have worked with. Both are exceptional professionals and I would recommend them without hesitation to financial institutions that require complex and specialised services.

The White & Case team provides relevant and unique insights into multilateral bank financings. They are well versed on latest market trends. We have used them for several deals throughout LatAm and have found them to provide strong legal support in all cases. I also appreciate their new Global Diversity Initiative because it shows that big law can also lead conversations about diversity and inclusion in the workplace.

Carlos Viana and his team always respond quickly to the current issues of the day. They bring a strategic mindset to their role.

They know the product (loans) very well, how to mitigate risks, what are the market standards which facilitate negotiations. I find them significantly better than other firms.

They are quite hands-on and really get into the important details. We have worked with Sabrena Silver and we believe that she has very good experience, she is pragmatic, not only diligent in her work but also helps push the transaction to closing.’

The W&C team is a very solid team that works very well together. It is a team with a lot of experience leading and coordinating financing processes that will ensure a successful process for all parties. The leadership of the senior partners infects the junior staff with energy and together they offer a high value service. I would say that the difference with other firms is the proactive approach to identify potential challenges during the process and propose timely solutions. The professional and conciliatory language of partners and junior staff helps to carry out transactions as well.

Partners of the experience of Carlos Viana and Sabrena Silver are crucial for the success of the transactions and of the firm. Carlos’s broad leadership over his teams makes the difference and his innovative and proactive approach is contagious to the rest of the team. Carlos and Sabrena are very focused on results and constantly go beyond what is expected to obtain results and the satisfaction of their clients.

Key clients

Celeo Redes

HSBC

Citi

Aerovías de México

The Bank of Nova Scotia

Tereos Açúcar e Energia Brasil

Ad hoc bondholder group of LATAM Airlines creditors

Morgan Stanley

JBS

Mizuho

Petrobras

BP Bunge Bioenergia

Banco Nacional de Desenvolimento Economico e Social (BNDES)

Vale

Arroyo Energy Investment Partners

Banco de Credito del Peru

SMBC

Invenergy

Standard Chartered Bank

BBVA

Santander

Societe Generale

MUFG

Work highlights

  • Advised the affiliates of Oaktree Capital Management as a debtor-in-possession lender in relation to the $1.3bn senior tranche of a $2.45bn  multi-tranche debtor-in-possession financing facility in the chapter 11 proceedings of LATAM Airlines Group.
  • Advised Petrobras in a green market debut $1.25bn sustainability-linked term loan facility; this was the first time Petrobras has contracted financing associated with its corporate sustainability targets.
  • Advised Morgan Stanley, Citibank, Goldman Sachs and HSBC on a $650m cross-border loan facility to Nubank, one of the largest fintech companies globally and the largest bank in Latin America by market capitalisation.

Latin America: International firms > Corporate and M&A

White & Case LLP has demonstrated more commitment to Latin America than almost any other international firm in the market. It has large Latin America-focused teams in its Sao Paulo, Mexico City, New York, Miami and Houston offices. It is in Houston where it houses the core of its Latin America M&A team with Rodrigo Dominguez and William Parish having outstanding reputations in Latin America M&A; both have been instrumental in the firm’s recent record of advising on a steady pipeline of headline strategic and private equity transactions. The two are closely linked to oil and gas, LNG, renewables, mining and industrial real estate deals, with Brazil, Mexico and Chile featuring uppermost. Both advised EIG on its joint acquisition with Fluxys of an 80% equity stake in GNL Quintero, the largest liquefied natural gas (LNG) regasification terminal in Chile, from Enagas Chile and affiliates of OMERS Infrastructure. Technology is another growth area for the team, notably with a series of fintech deals. The Latin America M&A team has also assembled an enviable client list of Latin American corporates, family groups, multinationals and private equity houses. Sao Paulo’s Donald Baker is widely regarded as the best connected international lawyer in Brazil. Emilio Grandío was elected to the partnership in 2022 and is an emerging talent - particularly in private equity transactions. Luisa Muskus is an impressive associate. All named individuals are based in Houston, unless stated otherwise.

Practice head(s):

Carlos Viana; Rodrigo Dominguez; Bill Parish

Testimonials

What makes the W&C practice stand out is the quality of their customer service. They work to generate a close relationship with the client, through which a very effective work dynamic is developed. For me personally, my W&C team has become my “go to” for any query. It is a pleasure to work with them.

What stands out the most about them is their personalised customer service. They are always available and with the best attitude they accommodate and deliver the results I ask for (which are not always easy and usually very urgent). The accompaniment that Emilio Grandio gave me during an M&A was exceptional. His in-depth knowledge of the subject, his availability including weekends, his quick responses, connecting me with the right experts, and all this while we had long and cumbersome negotiations. The most important thing for us is that based on the quality of their work, we have developed a very strong relationship of trust and reliability.

Key clients

EIG Global Energy Partners

Sonnedix

CSN Cimentos

Alpha Capital

Del Rio family

Pernod Ricard

Macquarie

7 Bridges Capital Partners

Invenergy

JBS

Vale

Carlyle Group

Zanite Acquisition Corporation

Ultrapar Participacoes

Itau

Cubico Sustainable Investments

Sellagic Investments

Sempra Energy

Operadora de Transportes Maritimos

Work highlights

  • Advised EIG on its joint acquisition with Fluxys of an 80% equity stake in GNL Quintero (the largest liquefied natural gas regasification terminal in Chile), from Enagas Chile and affiliates of OMERS Infrastructure.
  • Advised Sonnedix on its acquisition of ARCO Holding and Inversiones ARCO 1, 2, & 3 from Arroyo Energy Investors.
  • Advised CSN Cimentos on its $1.02bn acquisition of Lafarge Holcim (Brazil).

Latin America: International firms > Projects and energy

White & Case LLP stands out not only for its commitment to Latin America (spanning multiple offices), but also its breadth of clients across the sponsor, DFI, commercial bank and fund segments. Unusually, the core of the team is based in Miami, where Carlos Viana leads the Latin America group. Also in Miami, bilingual partner Sean Goldstein is pivotal to the firm’s relationship with IDB Invest, leading multiple deals across the region. The team has a longstanding presence in energy projects and is building its standing in infrastructure projects. It advised BNDES and the commercial banks on the design, construction, operation and maintenance of the São Paulo Metro system’s Line 6-Orange. It continues to advise on a raft of projects in Chile, while Colombia and Brazil have also become key markets. Smaller jurisdictions such as Paraguay and Ecuador also feature strongly for the team. New York partner Thomas Pate and Washington DC’s Martin Menski have had key roles in developing the firm’s infrastructure practice, while remaining active in energy. John Anderson is a major figure in São Paulo; and New York associate, Raffaele Turco, demonstrates ‘impressive understanding’ and is highly rated by clients. Former partner Jeannine Acevedo  moved in house at Atlas Renewable Energy in February 2023, while former practice co-head Christopher Richardson left the team in March 2024.  

Practice head(s):

Carlos Viana; Andrew Clark

Testimonials

Unlike other firms, the partners stay involved in the issues and are always in the know. The most junior lawyers are excellent and there is clearly good internal coordination in the team. They have a good distribution of tasks among the team members, and they are efficient with their time, which means that we do not receive surprises in the invoices.

Thomas Pate and his team always make me feel like my company and our issues are a top priority. Apart from the fact that his team work is excellent, he has a very good business sense and clearly understands our objectives and the parameters within which we can manoeuvre.

What makes W&C unique compared to other law firms is that it takes the lead in the activities. In transactions in which different law firms from different countries are involved, W&C on its own initiative decides to take the lead and coordinate. Another aspect that makes it unique is that it provides a true support to the client, it is not limited to issuing concepts or sending documents, but rather provides a true support. Takes the customer by the hand.

They suffer and enjoy with the client, they have a unique ability to listen, they are respectful of the client’s opinion, they identify the client’s true needs and their priorities, they always try to find a solution that covers us legally but allows business to move forward. They know/manage counterparties to the point that they trust W&C to structure and draft contractual documents. As an in-house lawyer, I feel 100% supported and covered. Sean Goldstein and Raffaele Turco…the best! thanks to them I sleep peacefully!

From the beginning, Raffaele Turco was tireless, working all hours and weekends to turn drafts, get comments back to the deal team leaders, and keep the opposing side engaged and responding as quickly as possible. Beyond the high energy level and dedication to the deal, I consistently noticed in Raffa a high degree of creativity in structuring solutions in the negotiations which achieved our goals and addressed our commercial/legal concerns in often novel ways. He showed clear dominion over the terms of the working draft itself and saved us a lot of time by knowing exactly what needed to be marked up or reviewed based on whatever change had just been agreed. Together, we conceived of, and somehow got the other side to agree on an absolutely novel concept.

Raffaele Turco demonstrated an impressive understanding of the overall deal, the sensitive points in the financial, commercial and strategic aspects of the deal, and helped me carry the weight of getting the deal across the finish line on time. By the end, Raffa was running the deal for W&C by himself and we actually finished and executed the contract on the very final day of our regulatory deadline, following a marathon, 36hr all-nighter session.

Key clients

Akuo Energy

AMP Capital

BNDES

IDB Invest

Infraestructura Marina del Golfo

Salaverry Terminal Internacional

Sonnedix

Toesca Renovables

Work highlights

  • Represented BNDES and other commercial banks and developmental agencies as the senior lenders in the non-recourse senior secured financing to Concessionária Linha Universidade for the design, construction, operation and maintenance of Line 6-Orange Line of the São Paulo metro system.
  • Represented IDB Invest in the $262m equivalent social bonds issued by the concessionaire of the Rumichaca-Pasto 4G project, an 83-kilometre highway located in the Department of Nariño near the border between Colombia and Ecuador.
  • Represented Infraestructura Marina del Golfo (IMG), a joint venture of TC Energy Corporation and Sempra Infrastructure Partners, in a $1.56bn senior unsecured term loan financing for its natural gas pipeline Sur de Texas-Tuxpan, Mexico’s first undersea pipeline connecting the country with the US.

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