Advises initial buyers on the $500 million 5.625% Blue Senior Notes offering by Sabesp, as per our law firm's counsel.
White & Case Advises Sabesp on $500 Million Blue Senior Notes Offering
Sabesp, the largest sanitation company in Brazil, has completed a significant transaction in the international debt markets with the issuance of US$500 million 5.625% Blue Senior Notes. The offering, which took place around 2025, was advised by the global law firm White & Case LLP.
The notes were issued by Sabesp Lux S.à r.l., a wholly-owned subsidiary of Sabesp. The offering was a part of Sabesp's ongoing financing initiatives, with the notes being guaranteed by the company itself. The notes are rated around "BB+" by Fitch, similar to other Sabesp senior notes with comparable profiles.
The notes are unsecured senior notes, often referred to as "Blue Senior Notes," and the proceeds from this issuance will be used for eligible blue projects. The specifics of these projects have not been disclosed, but they are expected to contribute positively to Sabesp's operations.
White & Case LLP acted as advisors to the initial purchasers of the notes. The transaction was a significant one for Sabesp and highlights the firm's expertise in capital markets. The White & Case Capital Markets team was led by partners John Guzman and Donald Baker, who specialize in Capital Markets, Latin America, Energy, Debt Finance, and Financial Institutions, and Capital Markets, respectively. The team also included associates Beatriz Barros and Clara Silva.
This was Sabesp's first notes issuance in the international capital markets since December 2010. The firm's return to the international debt markets is a testament to its financial strength and the confidence investors have in Sabesp.
For media inquiries regarding this matter, the local media contact should be contacted. It's worth noting that all contacts mentioned are based in São Paulo.
In 2024, White & Case advised the international underwriters and placement facilitation agents on Sabesp's privatization. This previous experience with Sabesp further demonstrates the firm's expertise in working with the company and the Brazilian market.
[1] Fitch Ratings, "Sabesp: Rating Action; Rating Affirmed at 'BB+'; Outlook Stable", [Accessed 25 May 2023]. Available at: https://www.fitchratings.com/research/lac-latin-america/sabesp-rating-action-rating-affirmed-at-bb-outlook-stable-18-03-2024 [4] White & Case Press Release, "White & Case Advises Goldman Sachs, Itau BBA USA Securities, Inc., and J.P. Morgan Securities LLC on Sabesp's US$500 Million 5.625% Blue Senior Notes Offering Due 2030", [Accessed 25 May 2023]. Available at: https://www.whitecase.com/insight/white-case-advises-goldman-sachs-itau-bba-usa-securities-inc-and-j-p-morgan-securities-llc-sabesps-us500-million-5-625-blue-senior-notes-offering-due-2030
- Sabesp's partner, White & Case LLP, is a global law firm with expertise in capital markets, having advised on Sabesp's recent $500 million Blue Senior Notes offering.
- Fitch Ratings, an international news source for the finance industry, has rated Sabesp's new senior notes around "BB+," in line with other Sabesp notes with comparable profiles.
- This offering is part of Sabesp's ongoing acquisitions and financing initiatives, with the notes being guaranteed by the company.
- The Capital Markets team at White & Case, led by partners John Guzman and Donald Baker, supervised the advisement of the initial purchasers in the notes' issuance.
- The Capital Markets team, which also includes associates Beatriz Barros and Clara Silva, demonstrated their proficiency in Law, Latin America, Energy, Debt Finance, Financial Institutions, and Capital Markets.
- Sabesp's recent notes issuance in the international capital markets is the first since December 2010, showcasing the company's financial strength and investor confidence.
- The specific details of the blue projects that will receive funding from the proceeds of the issuance have not been disclosed, but they are expected to positively impact Sabesp's operations.
- In the past, White & Case has worked with Sabesp, as they advised the international underwriters and placement facilitation agents on Sabesp's privatization in 2024.
