Global law firm Greenberg Traurig, LLP acted as U.S. counsel to Inversiones Latin America Power Limitada, one of the largest wind generation companies in Chile, as issuer in the offering of US$403.9 million 5.125% senior secured notes due 2033. This issuance represents the first “high yield 100% green” bond from Chile, aligned with the International Capital Market Association’s (ICMA) Green Bond Principles (2018) and the Loan Syndications & Trading Association (LSTA) Green Loan Principles (2021). Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. were the initial purchasers. The notes are listed on the Official List of the Singapore Exchange Trading Limited (SGX-ST).
NEW YORK, June 18, 2021 /PRNewswire-PRWeb/ — Global law firm Greenberg Traurig, LLP acted as U.S. counsel to Inversiones Latin America Power Limitada, one of the largest wind generation companies in Chile, as issuer in the offering of US$403.9 million 5.125% senior secured notes due 2033. This issuance represents the first “high yield 100% green” bond from Chile, aligned with the International Capital Market Association’s (ICMA) Green Bond Principles (2018) and the Loan Syndications & Trading Association (LSTA) Green Loan Principles (2021). Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. were the initial purchasers. The notes are listed on the Official List of the Singapore Exchange Trading Limited (SGX-ST).
The proceeds were used to refinance outstanding debt consisting of 5.35% notes issued to private placement investors in 2017 in an aggregate amount of US$412, related to the construction of two wind farms in northern Chile with an aggregate installed capacity of 239.2MW. The notes are guaranteed by the issuer’s subsidiaries San Juan S.A. and Norvind S.A. and secured by substantially all assets of the issuer and the guarantors.
“We are very proud to have represented Inversiones Latin America Power on this important transaction. Investors are increasingly more aware of ESG issues when investing in new products, and the high demand for this issuance resulted in a great execution for our client,” said Marc M. Rossell, a shareholder in Greenberg Traurig’s Corporate Practice and co-chair of the firm’s Latin America Practice and Corporate Shareholder Oscar Stephens, in a joint statement. “We hope and expect that this transaction will serve as a springboard for other developers and project companies in the high yield space, especially given Chile’s strong regulatory fundamentals and early indications to transition its renewable energy generation to 40% by 2030, and 100% by 2050.”
Rossell and Stephens led the Greenberg Traurig attorney team that included New York office Corporate Associate Jack Sztrigler, Houston office Corporate Associate Ernesto Danache, IV, New York office Tax Shareholder Erez I. Tucner, Minneapolis office Tax Of Counsel Margaret J. Weil, Miami office Financial Regulatory & Compliance Shareholder Carl A. Fornaris, and Miami office Foreign Legal Consultant Santos Gonzalez Victorica.
About Greenberg Traurig’s Latin America Practice: Greenberg Traurig’s award-winning Latin America Practice draws on resources from our offices around the world, bringing together a multidisciplinary team of lawyers to help clients identify business opportunities in Latin America. The team, which includes lawyers who have been chief legal officers at major multinational companies, has wide-ranging experience representing U.S. and international clients who do business in Latin America, as well as advising Latin American clients on their business ventures in the United States. The firm’s experience throughout the region enables the team to offer clients local knowledge and resources in the legal aspects of market opportunities, investments, financing, access to capital markets, governmental strategies, or international dispute resolution.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT), has approximately 2200 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: http://www.gtlaw.com
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Elaine Walker, Greenberg Traurig, LLP, 305-579-0832, walkere@gtlaw.com
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