White & Case Advises Termocandelaria Power on US$410 Million Notes Issuance

Global law firm White & Case LLP has advised Termocandelaria Power Ltd. (TPL), the fourth largest electric power generation company in Colombia and the largest non-hydro generator in the country, in connection with its inaugural issuance of 7.875% notes due 2029 in an aggregate principal amount of US$410 million in a Rule 144A/Regulation S offering.

TPL has 1283 MW of installed capacity between the Termobarranquilla and Termocandelaria gas-fired power plants located on the Atlantic Coast of Colombia.

The notes were guaranteed by Termocandelaria S.C.A. E.S.P., Energy Projects Leasing Co., Los Amigos Leasing Company Ltd. and Termobarranquilla S.A. E.S.P. (the latter on a limited basis). This was the first corporate high-yield notes offering in Latin America in 2019 and the first Rule 144A/Regulation S issuance by a Colombian thermal generator.

The White & Case team that advised on the transaction was led by partners John Guzman and Sean Goldstein, and included associates Mariana Seixas, Carlos de la Cruz and Amaury Boscio.  

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