White & Case Advises the Purchasers in Connection with the Largest Portfolio of PMGD Projects Ever Financed in Chile
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Global law firm White & Case LLP has advised the purchasers in connection with the US$290 million purchase and sale of notes issued by Matrix Renewables Chile SpA (Matrix Chile). The notes were issued in the form of a private placement under Section 4(a)(2) and Regulation D of the Securities Act of 1933. BNP Paribas acted as placement agent for the transaction.
The proceeds of the notes will be used to finance a 328 MW portfolio of Pequeños Medios de Generación Distribuida (PMGD) projects in Chile, as well as to repay an existing bridge loan provided by BNP Paribas. The innovative transaction represents the largest portfolio of PMGD projects ever financed in Chile, as well as the first long-term US private placement for this type of asset.
White & Case also represented BNP Paribas, as issuing bank and lender under a credit agreement with Matrix Chile, as borrower. BNP Paribas has extended credit to Matrix Chile in the form of (i) a working capital revolving facility and (ii) a letter-of-credit facility. The working capital revolving facility will fund short-term working capital needs between draws under the US private placement financing agreement, and the letter-of-credit facility will be used to fund Matrix Chile’s debt service and O&M reserve requirements.
The White & Case Project Development and Finance team that advised on the transaction was led by partner Thomas Pate and included counsel Mårten Olsson and associate Andrew Fernandez in New York; and partner Carlos Viana and associates Jessica Mendoza, Adrian Leal and Helena Buitrago in Miami.
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