Capital Markets

Hertz debt restructuring and securitization
Represented The Hertz Corporation in connection with its bankruptcy and debt restructuring in 2020 and emergence from bankruptcy in 2021, as well as ~$9.0 billion of outstanding securitization financings of the rental car fleets of Hertz Vehicle Financing III LLC and DTG Operations, Inc.

Hertz US$1.3 billion re-IPO
Representation of Hertz Global Holdings, Inc. in its US$1.3 billion re-IPO on the Nasdaq stock exchange. The selling stockholders sold 37,100,000 shares of common stock. The lead underwriters on the offering are Goldman Sachs, J.P. Morgan, and Morgan Stanley.

Nubank's US$2.6 billion 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. This transaction was recognized as " Deal of the Year" by The Legal 500 Brazil Awards, "Equity Deal of the Year" by IFLR Americas Awards, and "Capital Markets Deal of the Year" by Latin Lawyer.

The first electric vehicle-related IPO in Indonesia
Represented PT Trimegah Bangun Persada Tbk (TBP), also known as Harita Nickel, in its IPO on the Indonesian Stock Exchange (IDX), which included a Rule 144A/3(c)(7) and Regulation S offshore tranche. This IPO represents the first electric vehicle (EV)-related IPO in Indonesia, in line with the Indonesian government's plans to capitalize on Indonesia's strategic position as the world's largest nickel producer to encourage the development of a domestic EV industry.

Republic of Indonesia's US$3.25 billion sukuk offering
Represented the arrangers and managers on the update of The Republic of Indonesia's (RoI) Rule 144A/Reg S US$35 billion Trust Certificate Issuance Program and the subsequent US$3.25 billion dual tranche sukuk offering under the Program, which closed successfully on 6 June 2022. The offering involved the issuance of a tranche of US$1.75 billion sukuk due 2027 and a tranche of US$1.5 billion green sukuk due 2032.

Exchange offer and consent solicitation by Zhongliang Holdings Group Company Limited
Represented UBS and Guotai Junan Securities (Hong Kong) Limited as the financial advisors in the exchange offer and consent solicitation and the subsequent reopened exchange offer by Zhongliang Holdings Group Company Limited of its two tranches of notes due 2022 with aggregate principal amount of US$729.3 million.

The first SGX SPAC IPO backed by international sponsors
Represented the joint bookrunners and underwriters in relation to the Rule 144A/ Regulation S IPO of Pegasus Asia, a special purpose acquisition company (SPAC) on the SGX. This transaction represents one of the first SPACs to be listed in Singapore and the first SGX SPAC IPO backed by international sponsors.

US$180 million IPO of Campus Activewear Limited
Represented the underwriters on the US$180 million 144A IPO of Campus Activewear Limited, one of the largest sports and athleisure footwear brand in India. The offering was backed by private equity company TPG Growth III SF Pte. Ltd. and QRG Enterprises Limited.

Saudi Aramco's debut bond offering
Represented Saudi Aramco as issuer in connection with its debut five-tranche offering of global notes worth US$12 billion. The notes have been issued under its recently established GMTN program and comprise US$1 billion notes due 2022, US$2 billion bonds due 2024, US$3 billion bonds due 2029, US$3 billion bonds due 2039 and US$3 billion bonds due 2049. 

The Co-operative Bank's inaugural MREL-eligible debt offering
Represented The Co-operative Bank as issuer in connection with its issue of £200 million Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029. This bond is the first-of-its-kind in the UK, making the Co-op Bank the inaugural High Street lender to successfully issue MREL-eligible debt.

The Republic of Mozambique US$1.9 billion sovereign debt restructuring
Represented the Republic of Mozambique in connection with a complex sovereign restructuring of approximately US$1.9 billion of its external commercial indebtedness. The restructuring discussions are continuing against the background of substantial macroeconomic instability and continuing deterioration in the fundamentals of the economy.

The world's first "true sale" commodities securitization program
Represented Trafigura, one of the world's leading independent commodity trading and logistics companies, in connection with the establishment of the world's first “true sale” commodities securitization program.

Largest-ever IPO of a software company on the London Stock Exchange
Represented Avast, the leading global cybersecurity provider, in connection with its £602 million IPO on the London Stock Exchange.

Largest-ever value rights issue in Italy
Represented 31 underwriters in connection with the approximately €13 billion rights issue of UniCredit S.p.A.

The Republic of Uzbekistan's US$1 billion debut bond offering 
Represented the Republic of Uzbekistan, represented by the Ministry of Finance of the Republic of Uzbekistan, in connection with the establishment Global Medium Term Note Program and inaugural Reg S/Rule 144A dual-tranche US$1 billion bond offering. 

Yapı Kredi Bank's first-ever public Additional Tier 1 Bond issuance by a Turkish bank 
Represented Yapı Kredi Bank, one of the largest private banks in Türkiye, in connection with its inaugural offering of US$650 million Perpetual Fixed Rate Resettable Additional Tier 1 Notes. This was the first-ever public Additional Tier 1 Bond issuance from Türkiye, and the first issue of non-sovereign international bonds from Türkiye since April 2018, thereby reopening the Turkish private sector bond market.

Superstrada Pedemontana Veneta "greenfield" project bond 
Represented J.P. Morgan as global coordinator, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a €1.57 billion project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction is the culmination of more than two years of work and represents: the highest value unrated project bond issued for the construction of a toll road; the first unrated “greenfield” (construction phase rather than refinancing) project bond ever and the first project bond of a greenfield infrastructure in Italy; and the largest European project bond to be placed without European Investment Bank credit enhancement.

StoneCo US$1.4 billion SEC-registered IPO and NASDAQ listing
Represented the joint lead global coordinators and representatives of the underwriters and bookrunners in connection with the US$1.4 billion IPO of StoneCo Ltd. This is only the second NASDAQ IPO of a Brazilian company and the first such deal in the fintech space.

Largest-ever green bond offering in Brazil
Represented Fibria Celulose in connection with its inaugural US$700 million SEC-registered green bond offering.

Loma Negra US$1.1 billion IPO and NYSE listing of American Depositary Shares 
Represented Loma Negra C.I.A.S.A., the leading cement company in Argentina, as issuer, and the selling shareholder, Loma Negra Holding GmbH, in connection with the US$1.1 billion initial public offering of ordinary shares of Loma Negra and the listing of American Depositary Shares on the New York Stock Exchange. This IPO was the largest US IPO by a Latin American issuer in 2017 and the third-largest US IPO in history by an Argentine issuer.

Golden Nugget Inc. US$2.5 billion financing 
Represented the joint bookrunners and initial purchasers in connection with a US$1.4 billion high yield senior notes offering by Golden Nugget Inc. The notes offering was part of a US$2.5 billion bank and bond financing to affect the business combination of Landry's and Golden Nugget, an operator of casinos, hospitality and entertainment venues, as well as a US$1.65 billion dividend recapitalization and refinancing of outstanding debt.

Syngenta Finance N.V. US$4.75 billion notes offering
Represented the underwriters in connection with a US$4.75 billion Rule 144A/Regulation S offering of notes by Syngenta Finance N.V. White & Case also advised the dealers on the update of the US$7.5 billion EMTN Programme of Syngenta Finance N.V. and Syngenta Finance AG, guaranteed by Syngenta AG.

Caixa Econômica Federal's US$1.9 billion secondary global offering of Petrobras Shares, 2019
Represented the global coordinators and joint bookrunners in connection with Caixa Econômica Federal's US$1.9 billion secondary global offering of its 3.24% stake in Petróleo Brasileiro S.A. – Petrobras. Petrobras is one of the world's largest integrated oil & gas companies, engaging in a broad range of oil & gas activities, and is controlled by the Brazilian federal government.

Newmont Goldcorp corporate exchange offer
Represented Newmont Goldcorp Corporation, the world's leading gold company and a producer of copper, silver, zinc and lead, in connection with its US$2 billion exchange offer in connection with Newmont Goldcorp's business combination with Goldcorp Inc.

Jack in the Box whole business securitization
Represented of Jack in the Box Inc. in connection with the structuring of a whole business securitization by a special purpose vehicle subsidiary and the issuance and sale of US$575 million Series 2019-1, 3.982% fixed-rate senior secured notes, Class A-2-I, US$275 million Series 2019-1, 4.476% fixed-rate senior secured notes, Class A-2-II and US$450 million Series 2019-1, 4.970% fixed rate senior secured notes, Class A-2-III. In connection with the issuance of the Offered Notes, the issuer also entered into a revolving financing facility of series 2019-1 variable funding senior secured notes, Class A-1, which allows for the drawing of up to US$150 million under the variable funding notes, which include certain instruments, including a letter of credit facility. The offering reflects Jack in the Box's announced movement to an asset-like model.

SESAC whole business securitization
Represented the initial purchaser in connection with the structuring of a whole business securitization by special purpose vehicle subsidiaries of SESAC Holdings, Inc. and the issuance and sale of US$530 million Series 2019-1 Class A-2 Notes. In connection with the issuance of the Series 2019-1 Class A-2 Notes, the co-issuers also entered into a revolving financing facility of Series 2019-1 variable funding senior secured notes, Class A-1, which allows for the drawing of up to US$30 million under the variable funding notes.

Avangrid green bond offering
Represented Avangrid, Inc., a sustainable energy and utility company with approximately US$33 billion in assets and operations in 24 states and a subsidiary of Spain's Iberdrola S.A., a worldwide leader in the energy industry, as issuer, in connection with the filing of its universal shelf registration statement and registered green bond offering of US$750 million notes. The company expects to use the net proceeds from the offering to finance and/or refinance green projects in the United States, including (i) investment in the construction and development of onshore and offshore wind and photovoltaic and concentrated solar power, solar renewable electricity production units and (ii) investment in transmission and distribution networks projects having the purpose of connecting renewable energy sources or reducing greenhouse gas emissions through installation of equipment that will improve system efficiency or energy use management.

Banorte notes offering
Represented Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero Banorte as issuer in connection with the offering of US$600 million 6.750% perpetual five-year callable subordinated non-preferred, non-cumulative Tier 1 capital notes and US$500 million 7.500% perpetual ten-year callable subordinated non-preferred, non-cumulative Tier 1 capital notes. Banorte is Mexico's largest bank in terms of total assets, deposits and stockholders' equity that is not controlled by or affiliated with a non-Mexican financial institution.