Cleary Gottlieb Counsel in Six LatinFinance Deals of the Year
January 15, 2010
Cleary Gottlieb was counsel in six matters that were recognized as “Deals of the Year” by LatinFinance, a monthly magazine that has been covering business, finance, cross-border investment and capital markets in Latin America for two decades. The distinguished deals are a testament to the firm’s strength in Latin America and expertise in capital markets, finance, sovereign governments, mergers and acquisitions, and restructuring. Below is a list of the award-winning transactions.
“Best Sovereign Bond of the Year” – Mexico’s $2 billion offering of 5.95% bonds due 2019. The firm represented long-time client United Mexican States as issuer in this December 2008 offering. With this deal, Mexico became the first Latin American sovereign to return to the capital markets since the fall of 2008.
“Best Syndicated Loan of the Year” – Grupo Bimbo’s $1.7 billion acquisition facility. Cleary Gottlieb represented Grupo Bimbo in the $2.3 billion financing of its acquisition of Weston Foods, consisting of a $1.7 billion dual currency term facility with a three-year tranche and a five-year tranche, and a $600 million dual currency one-year bridge facility that was taken out in the local bond market. The firm also represented Grupo Bimbo in the underlying $2.5 billion acquisition. Grupo Bimbo was named “Best Corporate Issuer of the Year” by LatinFinance.
“Best Primary Equity Issue of the Year” – VisaNet’s IPO. In July 2009, Cleary Gottlieb represented the syndicate of underwriters in VisaNet’s $3.7 billion initial public offering, one of the largest IPOs in the Americas in 2009.
“Best Cross-Border M&A Deal of the Year” – CSN’s sale of Namisa to an Asia-based consortium. The firm was EU antitrust counsel to ITOCHU Corporation and a consortium of Japanese and Korean steel companies in their $3 billion investment in Namisa, an iron ore mining subsidiary of Brazilian steel and iron ore company CSN.
“Best Restructuring Transaction of the Year” – CEMEX’s $15 billion workout. The firm advised an international bank committee in connection with CEMEX’s approximately $15 billion restructuring of indebtedness, the largest-ever private restructuring in Latin America.
“Best Trade Finance Deal of the Year” – América Móvil’s $1 billion 10-year loan from China Development Bank. Cleary Gottlieb represented América Móvil in the financing from China Development Bank to fund its acquisition of telecom equipment and services from Huawei Technologies. LatinFinance describes the deal as “part of one of the largest series of Latin American telecom financings of 2009.”