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Thomas Pate's practice focuses on project, bank and asset finance in Latin America. His experience includes the representation of sponsors, borrowers, commercial lenders, development banks and export credit agencies in project (including during various stages of project development), asset and corporate finance transactions, involving matters in Argentina, Brazil, Colombia, Chile, Guatemala, Mexico, Panama, Peru, El Salvador, Honduras and Venezuela. Such representations have included matters in the power, infrastructure, transportation, petrochemical and financial services industries.
Mr. Pate has also represented numerous borrowers and lenders in negotiating and closing a variety of secured and unsecured syndicated, club and bilateral financing transactions throughout Latin American.
Concesionaria Vial Sierra Norte S.A., as borrower, in connection with a US$200 million project financing for the development, construction, operation and maintenance of the 875 km toll road project "Longitudinal de La Sierra – Tramo 2 (Ciudad de Dios – Cajamarca - Chiple, Cajamarca - Trujillo and Dv. Chilete-Emp. PE-3N)" being built in the central Andean region of Peru. The project is a public-private partnership (PPP) with the government of Peru, acting through the Ministry of Transportation and Communications and will require approximately US$400 million of total investment. The project's sponsors are SACYR Concesiones, S.L.U., SACYR Concesiones Perú S.A.C. and Constructora Málaga Hnos. S.A.
The project company and the sponsor in the development, construction and project financing of the 406 MW Chaglla run-of-the-river hydroelectric power generation project in Peru. The project financing raised a total of US$774 million in senior secured debt commitments, led by two anchor agency lenders (Banco Nacional de Desenvolvimento Econômico e Social from Brazil and the Inter-American Development Bank). The project won multiple awards, including Global Deal of the Year—Power by Infrastructure Journal, Latin American Power Deal of the Year by Project Finance, Latin American Renewables Deal of the Year by Project Finance International, Project Finance Deal of the Year by LatinLawyer, and Deal of the Year by Trade Finance.
Banco BICE, CaixaBank, CorpBanca and DNB Group, as lenders, in connection with a long-term project financing for the development of the Laberinto Project, a 146MWp Solar Photovoltaic Plant in Chile. The borrower is a joint venture of sponsors EDF Energies Nouvelles, S.A., a global leader in the production of renewable energy, and Marubeni Corporation, one of Japan’s largest trading companies.
Terminal Internacional del Sur S.A., as borrower, and Santa Sofia Puertos S.A., as sponsor, in connection with the US$280 million limited-recourse project financing of the expansion of the Matarani Port in the Islay district of Arequipa, Peru. The transaction was awarded "Latin American Transport Deal of the Year 2014" from Infrastructure Journal Global.
ISAGEN S.A. ESP in connection with the procurement, development and financing of the 820 MW Hidrosogamoso hydroelectric (dam) project in Colombia.
Wells Fargo Bank, N.A., as administrative agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citibank del Perú S.A., Standard Chartered Bank, and Wells Fargo Securities, LLC, as joint lead arrangers and bookrunners, in connection with a US$160 million term loan facility for Peru’s BBVA Banco Continental.
Natixis, as administrative agent, Crédit Agricole Corporate and Investment Bank, JPMorgan Securities LLC, Mizuho Corporate Bank, Ltd. and Natixis, as lead lenders in a syndicate of 27 lenders, in connection with the negotiation and execution of a US$3 billion senior revolving export credit facility for Vale S.A. and its Swiss and Canadian subsidiaries.
Triple-A Rating Stench: May the Credit Rating Agencies be Held Accountable?, 3 J. App. Econ. 13, 2010
Evaluating Stabilization Clauses in Venezuela's Strategic Association Agreements for Heavy-Crude Extraction in the Orinoco Belt: The Return of a Forgotten Contractual Risk Reduction Mechanism for the Petroleum Industry, 40 U. Miami Inter-Am. L. Rev. 347, 2009
Venezuela, in Aircraft Repossession and Enforcement: Practical Aspects, Kluwer International Law, 2009, (co-author)
The Past, Present and Future of the Arbitral Clause in Foreign Investment Legislation: In Pursuit of the Balance, on file at Langdell Law Library, Harvard Law School, 2006
Banking & Finance – USA
Banking & Finance – Venezuela