Mr. Alvarez is engaged primarily in the representation of financial institutions in corporate and structured finance transactions, particularly in Latin America.  Recent transactions include the representation of:

• Minera El Tesoro in the amendment and restatement of its $204 million senior secured project and export loan facilities into a $100 million unsecured term loan facility;  
• ING Capital LLC and the international syndicate of lenders in a debut $100 million senior unsecured trade-related amortising term loan facility for Banco Security of Chile;
• Banco Bilbao Vizcaya Argentaria S.A. and the international syndicate of lenders in a $100 million senior credit facility for Royal Seed Trading Corp. A.V.V.;
• JP Morgan Securities, ING Capital, Calyon (New York branch) and BBVA Securities, and a bank syndicate of 19 lenders, in an $800 million syndicated revolving credit facility to Comisión Federal de Electricidad, the Mexican state-owned electricity company;
• A syndicate of 25 banks and Standard Chartered Bank, Calyon, BNP Paribas and Banco Bilbao Vizcaya Argentaria as joint lead arrangers in providing a $500 million senior revolving credit facility to PMI Trading, a subsidiary of Petróleos de México;
• Lennar Corporation, one of the nation’s leading home builders and its affiliates in an amendment of an outstanding $150 million credit facility and a new $165 million credit facility;
• BBVA Securities Inc. in a $118.5 million syndicated revolving credit facility provided to Molibdenos y Metales S.A. (Molymet), a Chilean molybdenum concentrate processor;
• Calyon and the syndicate of increasing and new lenders in the assignment, amendment, restatement and expansion of the $73 million senior secured credit facility of AES Gener S.A. of Chile into a $130 million senior unsecured syndicated term loan facility; and
• JPMorgan Chase Bank and the international syndicate of 15 lenders in a $200 million trade-related senior credit facility for Banco de Chile, the second largest bank in Chile.

Mr. Alvarez has extensive experience in the representation of issuers, underwriters, dealers and other financial intermediaries in all aspects of international and Latin American capital markets transactions, including the private and public offering of equity securities (in the form of depositary receipts) and debt securities (such as commercial paper, certificates of deposit and medium-term notes).  Among the offerings in which Mr. Alvarez has participated are a global offering by Makro Atacadista S.A., a Brazilian retailer, of depositary receipts pursuant to Rule 144A under the Securities Act of 1933, in which he represented the global coordinator and lead underwriter; a global offering by Banco Ganadero S.A., a Colombian bank, of depositary receipts registered with the Securities and Exchange Commission (the first Colombian equity offering registered with the SEC), in which he represented the underwriting syndicate; the offering of medium-term notes by Aceitera General Deheza S.A., an Argentine agricultural concern, pursuant to Rule 144A and Regulation S, in which he represented the initial purchaser; and the offering of medium-term notes by Instituto Costarricense de Electricidad, the state-owned electricity and telecommunications company of Costa Rica, pursuant to Regulation S, in which he represented the issuer.