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White & Case Advises AI Candelaria on US$600 Million Notes Issuance and Tender Offer and Consent Solicitation

Global law firm White & Case LLP has advised AI Candelaria (Spain), S.A., a portfolio company of I Squared Capital, on the issuance of US$600 million in aggregate principal amount of its 5.750% senior secured notes due 2033 in a Rule 144A/Regulation S offering. The notes are listed on the Singapore Exchange Securities Trading Ltd. In connection with the note offering, one of the initial purchaser banks purchased US$375 million in aggregate principal amount of AI Candelaria’s outstanding 7.500% senior secured notes due 2028 and solicited consents for proposed amendments to the related indenture, in which existing notes were subsequently exchanged with AI Candelaria for a portion of the new notes.

AI Candelaria is a Madrid-based holding company that owns an interest in Oleoducto Central S.A., the owner and operator of the largest crude oil pipeline in Colombia.  

The White & Case team was led by partners Andrew Weisberg and Marwan Azzi, and included partner Sabrena Silver, associates Abigail Simon, Abby Boxer, Jake Lee and Jesse Fleck (all in New York); associate Louis Giovachino (Miami); partner Yoko Takagi, counsel Angel Calleja Crespo, and associate Reyes Carvajal (all in Madrid); associates Diego Cánepa Fernández and Rebeca García López (both in Mexico City); and partner Chad McCormick and counsel Michael Rodgers (both in Houston).

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