Rafael Mínguez

Associate, Madrid



Rafael is an associate in the Debt Finance Department of the Madrid office.

His practice includes assisting banks, financial institutions and large corporations in relation to, amongst other things, domestic and cross-border financing transactions of a broad nature.

Bars and Courts
Madrid Bar
Legal Practice and Corporate Law
Universidad de Navarra
Dual Bachelor Degree in Law and Economics
Universidad Pontificia de Comillas
Exchange Semester
University of Scranton

United States



Rafael's representative transactions include assistance to:

  • doValue S.p.A. on a €300 million senior secured notes issuance to prepay and cancel the outstanding senior facility agreement entered into on March 22, 2019 (including accrued interest thereon and related interest rate swaps), with the remainder to be held as cash for general corporate purposes.
  • Bankinter, S.A., one of Spain’s leading financial institutions, on the execution by Bankinter, S.A. of a par trade transaction to acquire a portion of a certain facility for its subsequent transfer as funded participation to Global Calafia, S.L. (an entity within the Plenium group) and the financing thereof.
  • Flexam group in connection with a lease transaction entered into with OnTime.
  • Eurowag group in connection with financing up to €310 million provided by a club of banks for the refinancing of existing indebtedness (in particular from previous acquisitions), CAPEX, future acquisitions and general corporate purposes.
  • Banco Santander as Administrative Agent and the Lenders in connection with a US$200 million credit agreement governed by the laws of the State of New York, entered into by and between, among others, Acciona Financiación Filiales Chile SpA, as Borrower, Acciona, S.A., as Guarantor, CaixaBank, S.A., Mizuho Bank Europe N.V., Banco Bilbao Vizcaya Argentaria, S.A., New York Branch and Banco Santander, S.A. as Lenders and Banco Santander-Chile as Administrative Agent.
  • SG EQUIPMENT FINANCE IBERIA, E.F.C., S.A. Unipersonal in connection with a leasing transaction of an aircraft to be entered into with Sky Helicópteros, S.A.as lessee and AIRBUS HELICOPTERS ESPAÑA, S.A as manufacturer.
  • Representation of a syndicate of banks in connection with a €250 million multicurrency revolving credit facility extended on 28 July 2021 in favour of X-Elio.
  • Representation of the lenders in connection with the issuance of Nordic bonds by Global Agrajes, S.L.U. (Fertiberia Group). The financing involved the amendment of the exisiting senior facility agreement granted by the lenders to the Fertiberia group and the execution of a new intercreditor agreement and security package. This is the first Nordic bond deal issued by a Spanish company.
  • Representation of the Mandated Lead Arrangers on the financing aspects of a portfolio company of a US private equity fund's acquisition of a tile coatings business. The transaction was financed via an additional TLB2 facility of €300 million and a €35 million revolving credit facility. The transaction was a "bolt on" to an existing portfolio company. White & Case acted for the mandated lead arranger on the financings aspects of the €375 million TLB and €60 million revolving credit facilities for the original transaction which enabled the sponsor to acquire the portfolio company.
  • Representation of The Bank of Nova Scotia, KfW IPEX-Bank GmbH, ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial E.P.E. as lenders and issuing banks and MUFG Bank Ltd., as administrative agent and intecreditor agent in connection with the non-recourse first/second lien project financings of: (i) the US$217,000,000.02 financing for a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II S.A. (Cabo II) located in Atacama, Chile (the Cabo II Project) and (ii) the US$103.2 million financing for a 101MWp solar PV power plant, owned and operated by GPG Solar Chile 2017 SpA (San Pedro) and located in Antofagasta, Chile (the San Pedro Project, and together with the Cabo II Project, the Projects). The Cabo II Project is a joint venture between Spanish power producers Global Power Generation (GPG) and Grupo Ibereólica. The San Pedro Project is a wholly owned by GPG. GPG is a subsidiary of Spanish holding company Grupo Naturgy. The Cabo II Project was awarded twenty 20-year power purchase agreement (the Disco PPAs) under Chile's distribution company auction regime (the Disco PPA Auctions) . The Projects have entered into an innovative contractual arrangement to allocate and hedge the supply obligations under the Disco PPAs. The San Pedro Project commenced operations in January 2021 and the Cabo II Project is expected to commence operations in 2021.