Latin America

Unmatched strength in complex, cross-border matters and truly local insight gained through our longstanding presence in, and deep bench of experienced lawyers dedicated to, Latin America.

Stand-alone battery storage project
Representation of Atlas Renewable Energy in the development and financing of its first battery storage project (and one of Chile's first large-scale battery storage projects), with an installed capacity of 200 MWs at four hours. The financing package for the project comprised bridge financing and long-term loan and other credit facilities for an aggregate principal amount of approximately US$289 million, provided by BNP Paribas and Crédit Agricole Corporate and Investment Bank.

Termocandelaria Power on US$425 million notes offering
Representation of Termocandelaria Power, S.A., an electric power generation company that owns and operates a large portfolio of thermal power plants in Colombia, in a Rule 144A and Regulation S offering of US$425 million aggregate principal amount of its 7.750% notes due 2031, and a concurrent any-and-all tender offer and exit consent solicitation targeting its 7.875% notes due 2029. The proceeds of the offering were used to fund the concurrent any-and-all tender offer and for general corporate purposes.

TAG's US$2.45 billion acquisition financing
Representation of CACIB, the leading France-based global banking group, as mandated lead arranger and bookrunner, in the permitted refinancing of the US$2.45 billion acquisition financing of Transportadora Associada de Gás (TAG), which operates in the oil & gas industry and designs, plans, constructs, and operates natural gas pipelines and extensions in Brazil. TAG is a fully operational network of gas pipelines spanning across 4,475 kilometers of gas pipelines in the North (approx. 800 kilometers) and Northeast coastal region of Brazil (approx. 3,700 kilometers), representing approximately 48% of Brazil's 9,400-km gas pipeline network. This transaction was named "Latin America Refinancing Deal of the Year" by Proximo Awards.

Inversiones Radiante's investments in power assets
Inversiones Radiante, part of Grupo Linda, a power plant to conglomerate, in two separate acquisitions of non-controlling interests in power assets located in the Dominican Republic and Panama. The power assets in the Dominican Republic included an LNG regasification terminal, with a 160,000 cbm LNG capacity storage tank, the AES Andres 319 MW combined-cycle gas turbine plant, DPP 328 MW combined-cycle gas turbine, as well as an additional 150 MWs of solar and wind power plants. The power assets in Panama included a 381 MW combined-cycle gas turbine with an adjacent regasification facility and a 180,000 LNG capacity storage tank.

3R's notes issuance
Representation of the initial purchasers on 3R's issuance of US$500 million, 9.750% senior secured notes due 2031. The notes were issued by 3R Lux, a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A., one of the largest publicly listed independent oil & gas producers in Latin America in terms of production volume and focused on the redevelopment of mature oil & gas fields. 3R Petroleum Óleo e Gás S.A., 3R Potiguar S.A., 3R RNCE S.A. and 3R Bahia S.A. acted as guarantors of the notes. The net proceeds of the notes were applied to permanently and entirely repay a term loan facility that financed part of the acquisition of the assets of the Potiguar cluster from Petrobras. The notes were issued in reliance on Rule 144A and Regulation S of the US Securities Act of 1933, as amended. This transaction was named "Debut Corporate Bonds Deal of the Year," by Global Banking & Markets Latin America Awards.

Renewable power generators in Chile
Representation of a group of the leading renewable power generators in Chile regarding negotiating and closing purchase and sale facilities pursuant to which the generators will sell receivables created under Law No. 21, 472 of Chile, as amended and supplemented by Law No 21,667. The receivables entitle the generators to payments from the Fondo de Estabilización de Tarifas, which is a segregated fund established under Chilean law to stabilize the electricity tariff payable by regulated end-users, and which are partially guaranteed by the Chilean Treasury. IDB Invest acted as purchaser of record, and the purchase price is partially financed pursuant to a US$2.4 billion bond arranged by Goldman Sachs, J.P. Morgan and Itaú BBA. Goldman Sachs, J.P. Morgan and Itaú BBA acted as joint bookrunners for the transactions. Funds received by the generators under the so-called "PEC III transaction" will be used to operate and, in some cases, expand some of Chile's most important renewable power projects.

Republic of El Salvador on the world's largest debt-for-nature conversion for river conservation
Representation of Republic of El Salvador in the world's largest debt-for-nature conversion for river conservation and the world's largest debt-for-nature conversion in terms of the size of funding commitments for conservation. The conversion comprises El Salvador's issuance of US$1 billion 20-year impact notes to a special purpose vehicle and the concurrent tender offer of a portion of its outstanding notes using the proceeds of the new impact notes. The new notes were purchased by a special purpose vehicle from the proceeds of a loan from JPMorgan Chase Bank, as original lender.

Nautilus Energy Partners cross-border loan financing
Representation of Nautilus Energy Partners, a portfolio company of I Squared Capital, the leading US-based private equity firm focusing on global infrastructure investments, in a US$400 million senior secured term loan financing, the proceeds of which will be used for the repayment of existing bonds and general capital expenditures.

São Paulo Metro Line 6 project financing
Representation of the senior lenders, including multilateral lenders, development finance institutions and a syndicate of commercial banks, BNDES (Brazil's national development bank) in the project financing of the approximately US$3 billion São Paulo Metro Line 6 in Brazil. This is the first-ever limited recourse financing of an infrastructure PPP project in Brazil by BNDES and is currently the largest PPP project under construction in Latin America. This transaction was awarded "Infrastructure Financing of the Year: Brazil" by LatinFinance, "Project Finance Deal of the Year" by IFLR Americas Awards, "Americas Transport Deal of the Year" by PFI, PPP Deal of the Year by Proximo Awards, and "Transport Deal of the Year" by IJGlobal.

Rumichaca-Pasto 4G project
Representation of IDB Invest, as anchor investor, in the US$262 million-equivalent social bonds issued by the concessionaire of the Rumichaca-Pasto 4G project, an 83-km highway located in the Department of Nariño near the border between Colombia and Ecuador. This transaction was awarded "Refinance Deal of the Year – Transport" by IJGlobal, "Roads Deal of the Year" by Proximo Awards, "Financing Innovation of the Year – Andes" and "Infrastructure Financing of the Year – Andes" by LatinFinance.

Mendubim power plants
Representation of IDB Invest in the limited recourse project financing for the Mendubim 531 MWp portfolio of solar photovoltaic power plants, transmission line and associated interconnection facilities located in the municipality of Assú, Rio Grande do Norte State, Brazil. The loan is provided by IDB Invest, which is part of the Inter-American Development Bank Group, and benefits from risk participations from commercial banks. This transaction was awarded "Renewable Energy Financing of the Year" by LatinFinance.

Usme & Fontibón E-Bus Fleets Financing
Representation of InfraBridge, formerly AMP Capital Investors Limited, a global investment manager, as sponsor in connection with the financing of the purchase of a fleet of 401 electric buses, the provision of replacement batteries for the fleet, and the supply, design and construction of the related support infrastructure for use in connection with the provision of services related to the public transportation of passengers in the city of Bogotá, Colombia. The financing was extended by IDB Invest and BNPP Paribas. This transaction was awarded "Social Infrastructure Financing of the Year" by LatinFinance.

Project Feijão
Representation of a syndicate of leading international banks in the non-recourse financing of Project Feijão, a 456 MW wind project in Brazil that is being developed by Macquarie Asset Management's Green Investment Group and Hydro Rein, Norsk Hydro's dedicated company for renewables development. This transaction was awarded "Project Finance Deal of the Year" by IFLR Americas Awards, "Latin America Renewable Energy Deal of the Year" by IJGlobal and "Latin America Wind Deal of the Year" by Proximo Awards.

Sale of three operational projects in Uruguay
Representation of Brookfield Renewable, a leading global operator and developer of renewable power and transition assets, in its sale of three operational projects in Uruguay to Cubico Sustainable Investments, one of the world's largest privately owned renewable energy companies. The transaction comprises the sale of two wind farms, the 52 MW Carape I and 43 MW Carape II in Maldonado, and one solar PV plant, the 26 MW Alto Cielo in Artigas.

GNL Quintero acquisition
Representation of EIG, a leading institutional investor to the global energy and infrastructure sectors, in its joint acquisition with Fluxys, a leading energy infrastructure company, of an 80% equity stake in GNL Quintero S.A., the largest liquefied natural gas (LNG) regasification terminal in Chile, from Enagas Chile SpA and affiliates of OMERS Infrastructure.

Acquisition of Esmax Distribución
Representation of Aramco, one of the world's largest integrated energy and chemical companies, in its planned acquisition of 100% of Esmax Distribución SpA (Esmax), a leading diversified downstream fuels and lubricants retailer in Chile, from Southern Cross Group, a Latin America–focused private equity firm.

Azul Airlines restructuring
Representation of Azul Airlines in an out-of-court restructuring for Azul Airlines of approximately R$850 million of Azul Airlines' aircraft lease obligations across most of its fleet, as well as a restructuring of Azul Airlines' obligations to original equipment manufacturers and existing bondholders.

Assaí secondary public offering
Representation of Sendas Distribuidora S.A. (Assaí) and Wilkes Participações S.A., a Casino Group investment vehicle, as selling shareholder in a secondary only public offering of 254 million common shares, including 2,340,957 American Depositary Shares evidenced by American Depositary Receipts, at a price of R$16.00 per share, in a US$768.4 million transaction. Sendas was the largest cash-and-carry player in Brazil in terms of consolidated gross revenue in 2021.

JBS US$2.5 billion dual-tranche bonds
Representation of JBS, the world's largest meat processing company, in its US$2.5 billion issuance of senior unsecured dual-tranche bonds. The notes consist of US$1.6 billion in 6.75% senior notes due in 2034, and US$900 million in 7.25% senior notes due in 2053. The notes were offered under Rule 144A/Regulation S of the Securities Act of 1933. This transaction was named "Corporate Bond Deal of the Year" by Global Banking & Markets Latin America Awards and "Corporate High-Grade Bond of the Year" by LatinFinance.

Minerva's US$1 billion notes offering
Representation of Minerva Luxembourg S.A., a Luxembourg arm of the Brazilian meat processing company Minerva S.A., in connection with a notes offering for an aggregate amount of US$1 billion. Minerva issued the debt in two tranches of US$900 million and US$100 million, respectively. Both tranches carry an interest rate of 8.875% and mature in 2033. Minerva is one of Latin America's largest meat processors. It has production facilities in Argentina, Brazil, Colombia, Paraguay and Uruguay, and exports its produce globally. This transaction was named "High Yield Bond Deal of the Year" by Global Banking & Markets Latin America Awards.

QuintoAndar Acquisition
Representation of QuintoAndar, Ltd., a proptech unicorn startup company that has developed a real estate marketplace focused on rentals and sales, in its acquisition of the Navent Group's real estate portals and operations in Argentina, Brazil, Chile, Ecuador, Mexico, Panama, Peru and Venezuela. This transaction has been recognized as "M&A Private Deal of the Year" by Latin Lawyer.

Rutas 2 y 7 Project in Paraguay
Representation of Rutas del Este, the leading Paraguay-based construction company, Sacyr Concesiones, the leading Spain-based global developer of large-scale infrastructure projects, and Ocho A, the leading Paraguay-based construction company. We advised these three clients on a novel financing, the proceeds of which will be used to complete the national routes 2 and 7 road project in Paraguay. We also advised the sponsors on the original financing for the project that closed in 2019. The original financing was the largest private investment in the history of Paraguay to date and Paraguay's first public-private partnership (PPP). This matter won "Infrastructure Financing of the Year" by LatinFinance and "Latin America PPP Deal of the Year" by Proximo Awards.

Aeroméxico restructuring
Representation of Aeroméxico in connection with the restructuring of its aircraft fleet during the airline's chapter 11 case in New York, including renegotiation of Aeroméxico's existing leases (to the extent Aeroméxico assumed such leases) and financing facilities, as well as various maintenance and other agreements that Aeroméxico uses to operate or maintain its fleet of aircraft.

Restructuring of Argentina's external debt
Representation of the Ad Hoc Argentine Bondholder Group, the largest group of the Republic of Argentina bondholders, in the successful restructuring of approximately US$64 billion of the country's external debt. The Group comprised major institutional investors who collectively held in excess of US$17 billion of Argentina's bonds. This transaction has been recognized as "Restructuring Deal of the Year" by Latin Lawyer.

Financing of new international Quito airport
Representation of Corporación Quiport S.A. in connection with a long-term concession to operate the existing Mariscal Sucre International Airport in Quito, Ecuador and to undertake the turnkey development of a new international airport. We advised on the subsequent renegotiation of the economic terms of the concession following the Constitutional Court's declaration that airport tariffs were public funds and in the face of Ecuador's denunciation of the ICSIC Convention. Subsequently, we represented Quiport in connection with the two-step refinancing of the original project finance debt, through a hybrid project bond and LPN structure in a highly regulated industry. The proceeds of the US$400 million offering were used to refinance the existing senior secured credit facility for the development, construction and operation of the new Mariscal Sucre International Airport in Quito, Ecuador. The transaction marks a significant moment for the country in the international capital markets as Quiport became the first Ecuadorian Non-Sovereign (or Quasi-Sovereign) Issuer in more than 20 years. The transaction was named "Latin American Airport Finance Deal of the Year" by both Airfinance Journal and International Finance Legal Review, and "Latin American Transport Deal of the Year" by Project Finance.

Eletrobras's offerings
Representation of:

• The joint bookrunnersin the issuance of US$750 million, 6.500% notes due 2035 by Centrais Elétricas Brasileiras S.A. – Eletrobras. This transaction is the first to be conducted under Brazil's Law 14,801/24, enacted in early 2024, which introduces incentivized bonds as a financing mechanism for infrastructure projects and offers tax incentives designed to attract foreign investment in Brazil's infrastructure sector.
• Companhia de Transmissão de Energia Elétrica Paulista (CTEEP), as issuer, in Brazilian electricity company Eletrobras's secondary offering of R$2.2 billion (US$403 million) worth of shares it owns in CTEEP. Upon closing of the transaction, Eletrobras offered 93 million preferred shares of CTEEP at R$23.50 per share. Prior to the sale, Eletrobras owned a 35.700% stake in CTEEP, and through the secondary offering, Eletrobras has cut this stake to 21.600%.
• Banco BTG Pactual S.A. in the public offering by Centrais Elétricas Brasileiras S.A. – Eletrobras and BNDES of 697,476,856 common shares, including 9,783,100 American Depositary Shares evidenced by American Depositary Receipts, at a price of R$42.00, in a US$6.9 billion transaction. This is the second-largest equity offering ever by a Brazilian issuer. This transaction was recognized as "Deal of the Year" by The Legal 500 Brazil Awards and "Capital Markets Deal of the Year" by Latin Lawyer.

Éxito spin-off
Representation of Companhia Brasileira de Distribuição (known as GPA), the leading food retailer in South America, in the spin-off of its subsidiary Almacenes Éxito S.A. (known as Éxito), the sixth-largest food retailer in South America, and the largest in Colombia and Uruguay.

First democratization process in Colombia with an international tranche structured through a direct share offering through the Bolsa de Valores de Colombia
Representation of the international placement agents in an offering of common shares of Grupo Energía Bogotá S.A. ESP by the District Capital of Bogotá, its controlling shareholder, through the BVC (Colombian Stock Exchange). The District Capital of Bogotá offered common shares in a global offering, which included an international offering pursuant to Rule 144A/Regulation S through which non-Colombian investors could bid to participate in the global offering.

Commercial arbitration in connection with hydroelectric plant in Guatemala
Representation of Grupo Terra in a commercial arbitration brought by OHL, in connection with complex geotechnical, delay and damages issues in the construction of a hydroelectric plant in Guatemala. An ICC tribunal denied OHL's monetary claims in its entirety and instead awarded to Grupo Terra 100% of its counterclaims, 100% of its damages and 100% of its costs.

Deep regional expertise in key industries

Energy and Energy Transition

"Shangri La" electric power project in Colombia
Representation of Atlas Renewable Energy, a leading international renewable power company, in the development and financing of its first project in Colombia. The project, known as "Shangri La", is located in the Department of Tolima in Colombia and will generate approximately 403.7 GWh of electric power per year.

Sonnedix acquisition financing
Representation of Sonnedix, the global energy producer, in the acquisition and project financing of a 416 MWp portfolio of utility-scale solar PV assets from Enel Chile, and the refinancing of a 170 MWp utility-scale solar project previously owned by Sonnedix. We advised Sonnedix on all aspects of the US$624 million financing, which was provided by BNP Paribas, Sumitomo Mitsui Banking Corporation, Société Générale, Crédit Agricole CIB, and DNB Bank. This transaction was awarded "Energy Transition Deal of the Year" by Global Banking & Markets Latin America Awards.

Mexican natural gas pipelines refinancing
Representation of TC Energy Corporation in connection with a US$2.3 billion senior term loan and revolving loan financing of its Mexican subsidiary, TC Energía Mexicana, S. de R.L. de C.V., and guaranteed by three of its Mexican affiliates. This transaction was recognized as "Latin America Oil & Gas Deal of the Year – LNG" by IJGlobal; "Loan of the Year" by LatinFinance and "Latin America Refinancing of the Year" by IJInvestor Americas Awards.

Los Llanos solar plants in Colombia
Representation of IDB Invest, the leading US-headquartered international organization that supports Latin American and Caribbean economic development, social development and regional integration by lending to governments and government agencies, and Bancolombia, the leading Colombia-based financial institution. We advised these clients on a senior secured and subordinated financing, the proceeds of which were used to finance the Bosques Solares de Los Llanos portfolio of solar photovoltaic plants located in Colombia. This financing is groundbreaking, as it represents the first non-recourse financing and first long-term financing for solar PV or wind assets in Colombia. The transaction was recognized as "Latin America Solar Deal of the Year" by Proximo Awards.

Senior secured acquisition financing of Colbún Transmisión in Chile
Representation of Alfa Desarrollo, a consortium controlled by APG Energy and Infra Investments and Celeo Redes, as borrower and issuer, in the structuring and closing of the senior secured financing for the acquisition of Colbún Transmisión, by Alfa. The transaction value is approx. US$1.3 billion. The acquisition included the transfer of ownership of approx. 899 kilometers of transmission lines and 27 substations owned and operated by Colbún Transmisión, in the Chilean Sistema Eléctrico Nacional (National Electric System), representing approx. 5% of the total transmission market in Chile. Our team worked on all aspects of the financing including the issuance of 4.55% senior secured notes due 2051, issued pursuant to Rule 144A and Regulation S under the US Securities Act, and a senior secured letter-of-credit facility. The transaction has been recognized as "Americas Transmission Deal of the Year" by PFI Awards.

Acquisition and financing of Gasmar in Chile
Representation of Arroyo Energy Investment Partners, the leading US-based global investment management services firm, in the acquisition by its investment vehicle Inversiones Arco 4 of the equity interests of Gasmar from Empresas Gasco and Abastible, a wholly owned subsidiary of Empresas Copec, and the financing of the acquisition. Gasmar owns and operates one of the largest LPG terminals on the Pacific Coast of South America.

Cabo Leones and San Pedro project financings in Chile
Representation of The Bank of Nova Scotia, KfW IPEX-Bank, ING Capital, MUFG Bank, Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial, as lenders, issuing banks and mandated lead arrangers, and MUFG Bank, as administrative agent and intercreditor agent, in connection with the financing of two renewable power projects in Chile. The financings consisted of a US$217 million non-recourse first/second-lien project financing for Cabo II, a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II located in Atacama, Chile and a US$103.2 million non-recourse project financing for San Pedro, a 101 MWp solar photovoltaic power plant, owned and operated by GPG Solar Chile 2017 and located in Antofagasta, Chile.

Javiera and Sol del Desierto private placement in Chile
Representation of Atlas Renewable Energy, as sponsor, in connection with a planned US$253 million issuance of notes in the form of a US private placement. The innovative transaction will be the largest solar PV green private placement in Latin America to date. DNB Markets acted as sole lead placement agent. The proceeds of the notes are expected to be used to (i) develop and construct a 244 MWp solar project and (ii) to refinance an existing 70 MWp solar project, both of which are located in Chile. This transaction was recognized as "Latin American Renewables Deal of the Year" by IJGlobal.

New Juazeiro solar project in Brazil
Representation of Atlas Renewable Energy, as sponsor, and certain of its affiliates, as borrower and guarantors, in connection with a breakthrough transaction for the development and limited recourse financing of the 187 MWp New Juazeiro solar power project (also known as "Jacaranda"). The plant is to be built in the state of Bahia, Brazil and is expected to generate 440 GWh per year. The financing, provided by IDB Invest and DNB Bank ASA, is the first of its kind in that it is the first solar project in Brazil being financed exclusively in US dollars. The plant will provide clean energy to a Brazilian subsidiary of Dow Inc. under a 15-year power purchase agreement. This transaction has been recognized as ""Latin American Solar Deal of the Year"" by Proximo Awards.

USPP for PMGD projects in Chile
Representation of the purchasers and the lender in connection with the US$290 million purchase and sale of notes issued by Matrix Renewables Chile SpA, the proceeds of which will be used to finance a 328 MW portfolio of PMGD projects in Chile. The notes were issued in the form of a private placement. BNP Paribas acted as placement agent and lender for the transaction.

Sempra Energy sales in Peru and Chile
Representation of Sempra Energy in its US$3.59 billion sale of Peruvian businesses, including its 83.6% interest in Luz Del Sur to China Yangtze Power International (Hongkong) Co., Limited, and in its US$2.23 billion sale of Chilean businesses, including its 100% stake in Chilquinta Energía S.A., to State Grid International Development Limited (SGID). The transactions were named "Overseas M&A, Belt & Road, Power Industry" and "Overseas Deal, M&A, Energy deals of the year" by China Business Law Journal, respectively.

Invenergy and Energía del Pacifico project financing in El Salvador
Representation of Invenergy and Energía del Pacifico, Ltda. de C.V., as sponsor and borrower respectively, in the development and financing of a 378 MW power plant in El Salvador and its related infrastructure, including a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas (LNG) delivery, storage and regasification, as well as a natural gas pipeline running from the FSRU to the power plant. The transaction has been recognized as "Infrastructure Financing of the Year: Central America" by LatinFinance.

Occidental Petroleum's sale of assets in Colombia
Representation of Occidental Petroleum Corporation in its US$825 million sale of onshore oil & gas assets in Colombia to The Carlyle Group, a private equity management firm.

CELSE gas-fired power generation project and related LNG facility in Brazil
Representation of Goldman Sachs & Co. LLC, Inter-American Investment Corp., International Finance Corp. and Swiss Export Risk Insurance in the structuring of the financing for the design, construction and operation of Centrais Elétricas de Sergipe S.A.‘s (CELSE) 1,516 MW thermoelectric power plant and related liquefied natural gas receiving and gas transportation infrastructure in Brazil. The transaction was named "Project Finance Deal of the Year" by IFLR Americas Awards, "Latin American Power Deal of the Year" by IJGlobal, "Americas Latin American Power Deal of the Year" by Project Finance International, "Latin America Project Finance Deal of the Year" by Bonds & Loans, "Best Bond," "Best Infrastructure Financing Brazil" and "Financing Innovation of the Year" by LatinFinance.

Constellation Oil restructuring in Brazil
Representation of Constellation Oil Services, the leading provider of offshore oil & gas contract drilling and FPSO services in Brazil. Our Latin America-wide banking & finance team acted as international counsel to Constellation Oil Services in the restructuring of its approx. US$1.5 billion New York law–governed bonds, project financing loans and working capital facilities. The transaction was named "Restructuring Deal of the Year" by both IFLR Americas Awards and Latin Lawyer.

Financial Institutions

Desalination project in Chile
Representation of Lumina Capital Management, as administrative agent and lender, in connection with a US$170 million senior secured financing, the proceeds of which will be used to finance a portion of a desalination project in Chile.

Nubank dual-nation IPO
Representation of the underwriters in 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, "Equity Deal of the Year" and "Impact Deal of the Year" by ITR Americas Awards.

Banobras and FONADIN US$6 billion acquisition financing of 13 power plants
Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Banobras) and Fondo Nacional de Infraestructura (FONADIN) on the approximately US$6 billion acquisition financing of a portfolio of 13 power plants, with an aggregate capacity of 8,500 MWs, acquired from Iberdrola by an acquisition trust managed by Mexico Infrastructure Partners FF, S.A.P.I. de C.V. This transaction was named "M&A Loan Deal of the Year," by Global Banking & Markets Latin America Awards.

BlackRock acquisition of Citibanamex asset management business
Representation of BlackRock, Inc. in its acquisition of the asset management business of Citibanamex, a subsidiary of Citigroup Inc. We also advised on the execution of a distribution agreement under which Citibanamex will distribute certain investment products offered by BlackRock.

Konfío's acquisition of Gestionix
Representation of Konfío, a Mexico-based digital lender for small- and medium-sized businesses (SMEs), in its acquisition of Mexico-based Enterprise Resource Planning (ERP) software developer Gestionix. This acquisition will allow Konfío to broaden its offer of products and services to SMEs in Mexico.

Kuspit Casa de Bolsa's acquisition of Uniquius
Representation of Kuspit Casa de Bolsa in its joint venture with Ubiquius, pursuant to which Ubiquius would transfer its business consisting of an electronic payments platform, its existing clients, its sales force and a regulatory authorization to incorporate a popular financial entity (SOFIPO) to Kuspit, in exchange for shares that will represent up to 29.95% of Kuspit's holding entity.

Creation of Bolsa Institucional de Valores in Mexico
Representation of Central de Corretajes, a developer of infrastructure for financial markets in Latin America, Mexico and the US, in the creation of Bolsa Institucional de Valores, Mexico's first new stock exchange in 100 years and one of the most technologically advanced stock markets in the world.

Syndicated loan financings for Latin American banks
Representation of the lenders in syndicated loans to more than 15 Latin American banks in Brazil, Colombia, Mexico, Peru, Panama, Chile and Costa Rica.

MTN programs in Latin America
Representation of Bladex and BBVA Bancomer subsidiaries in the establishment of their MTN programs.

Infrastructure

Sabesp's equity offering and privatization
Representation of a syndicate of international underwriters and placement agents in the R$14.8 billion (US$2.7 billion) equity offering of Companhia de Saneamento Básico do Estado de São Paulo – SABESP, one of the world's largest water and sewage providers, making it the largest privatization in Brazil and the largest equity offering in Latin America "to-date since June 2022, and the third-largest public offering globally to-date this year. " The fully secondary follow-on offering, which closed on July 22, 2024, comprised a registered offering of shares in Brazil, an SEC-registered international offering of American Depositary Shares and an international placement of shares outside Brazil.

Águas do Rio financing
Representation of AEGEA, the leading Brazil-based sanitation company and its subsidiaries Águas do Rio 1 and 4, in a R$1.5 billion (approx. US$300 million) financing with the Inter-American Development Bank (IDB Invest) and Proparco. This project involved multiple sources of funds with an aggregate principal amount of R$25.5 billion (approx. US$5.1 billion), making it the largest cycle of investment in Brazil's sanitation sector to date, and is expected to contribute to and promote seven UN Sustainable Development Goals. This transaction was named "Latin America Water Deal of the Year" by IJGlobal.

Terminal Cuenca del Plata project financing
Representation of IDB Invest in connection with an approximately US$103 million term financing facility for Terminal Cuenca del Plata S.A. (TCP), including a US$46 million participation interest from Banco Bilbao Vizcaya Argentaria S.A., for the design, construction and operation of the port of Montevideo's expansion. IDB Invest's financing will be complemented by a term financing facility extended by a group of commercial banks and backed by Belgium's export credit agency, Credendo.

Acquisition of electric bus-leasing businesses
Representation of InfraBridge, formerly AMP Capital, in the acquisition of three new electric bus-leasing businesses in Santiago, Chile and in the related incremental term loan and DSRA LC facilities of approximately US$187 million. This transaction was named "Latin America Transport Deal of the Year" by Proximo Awards.

São Paulo Metro Line 6 project financing
Representation of the senior lenders, including multilateral lenders, development finance institutions and a syndicate of commercial banks, BNDES (Brazil's national development bank) in the project financing of the approximately US$3 billion São Paulo Metro Line 6 in Brazil. This is the first-ever limited recourse financing of an infrastructure PPP project in Brazil by BNDES and is currently the largest PPP project under construction in Latin America. This transaction was named "Infrastructure Financing of the Year: Brazil" by LatinFinance 2023, "Project Finance Deal of the Year" by IFLR Americas Awards 2023, "Americas Transport Deal of the Year" by PFI, "PPP Deal of the Year" by Proximo Awards, and "Transport Deal of the Year" by IJGlobal.

AMP Capital joint venture with Enel X in Chile
Representation of AMP Capital and its joint venture with Enel X in connection with the long-term financing for the acquisition of 433 electric buses and related charging infrastructure that are being used for the provision of public transportation services in Santiago, Chile. This transaction has been recognized as "Latin America Transport Deal of the Year" by IJGlobal and "Latin America Emerging Energy Deal of the Year" by Proximo Awards.

Smart city project in Brazil
Representation of a group of sponsors in the financing for the largest integrated smart city project in Latin America, which is in the City of Rio de Janeiro, Brazil. The financing took the form of an issuance of senior secured notes to certain investors in reliance on Rule 144A and Regulation S of the US Securities Act. The notes are guaranteed by the US International Development Finance Corporation (DFC) and Goldman Sachs acted global coordinator, sustainability bond structuring agent and initial purchaser. This transaction was recognized as "Latin America PPP Deal of the Year" by Proximo Awards and "Latin America Social Infrastructure Deal of the Year" by IJGlobal.

Salaverry port project
Representation of Trabajos Marítimos S.A., as sponsor, and Salaverry Terminal Internacional S.A. (STI), as borrower, in connection with limited recourse financing the proceeds, which will be used to expand the Salaverry Multipurpose Port in Peru. This transaction was recognized as "Ports Deal of the Year" by Proximo Awards, "Infrastructure Financing of the Year" by LatinFinance, and "Project Finance Deal of the Year (Infrastructure) " by Latin Lawyer.

Posorja port financing
Representation of DP World PLC and its subsidiary DPWorld Posorja S.A. in the project financing for a new deepwater, multipurpose port terminal to be located near Guayaquil, Ecuador. This was the first major infrastructure project awarded in Ecuador since the recent enactment of new PPP legislation. The transaction was named "Infrastructure Financing of the Year-Caribbean" by LatinFinance.

Mining & metals

Vale joint venture with Anglo American
Representation of Vale S.A. in its proposed joint venture with Anglo American involving Vale's acquisition of a 15% shareholding in Anglo American Minério de Ferro Brasil S.A., the owner and operator of the Minas-Rio mine in Brazil.

CSN Mineração export pre-payment financing facility
Representation of CSN Mineração S.A., the mining arm of Brazilian integrated steel producer Companhia Siderúrgica Nacional S.A., in connection with an export pre-payment financing facility, for an aggregate principal amount of up to US$1.4 billion.

Greenfield mining project in Brazil
Representation of ING Capital LLC, Société Générale and Natixis, as lenders, in connection with a US$140 million financing for an open-pit copper-gold mine in Alagoas, Brazil, owned by Mineração Vale Verde Ltda., a subsidiary of mining-focused private equity firm Appian Capital Advisory LLP. The deal was structured on a project financing, limited recourse basis, and the loans are structured as export prepayment loans that benefit from favorable tax treatment under Brazilian law. The loan facility also contemplates the sale of a gold royalty for a future upsize of the facility. The deal is thought to be the first US dollar-denominated project financing for a greenfield mining project in Brazil. This transaction was named "Latin America Mining Deal of the Year" by IJGlobal.

Companhia Brasileira de Alumínio tender offer
Representation of Companhia Brasileira de Alumínio in connection with its offer to purchase for cash any and all of its outstanding 4.750% notes due 2024. The tender offer was completed on an accelerated timeline based on the abbreviated tender offer rules provided in the SEC no-action letter dated January 23, 2015. Banco Bradesco BBI S.A., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC acted as dealer managers for the tender offer. The company, a wholly owned subsidiary of Votorantim S.A., is the main producer of primary aluminum in Brazil, and owns and operates the world's largest integrated aluminum plant. Votorantim S.A., a privately held conglomerate in Latin America, is a strong player in each of its main business segments: cement; non-ferrous metals, such as zinc, aluminum, nickel and copper; and steel and power generation.

Acquisition of iron-ore company in Brazil
Representation of Vale S.A., a Brazilian mining company and the largest producer of iron ore and nickel in the world, in its US$550 million acquisition of Ferrous Resources Limited, a midsized iron ore company, also located in Brazil.