Atlantica Yield’s $317 Million Green Bonds Private Placement


Miranda & Amado, Garrigues, Santamarina y Steta, Skadden, Galicia Abogados, Rubio Leguía Normand and Greenberg Traurig advised on the transaction

Atlantica Yield plc (NASDAQ: AY), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, successfully closed its private placement of approximately $320 million (€290 million1) Green Senior Secured Notes in Euros. Net proceeds have been primarily used to repay the 2017 Senior Secured Note Facility (“2017 NIFA”).

The Green Private Placement has a 6-year tenor and bears a coupon of 1.96% per annum, payable on a quarterly basis. With the closing of this transaction, Atlantica strengthens its financial position and achieves cost improvements, including: an expected cost improvement of ~$10 million2 per annum starting in 2021; Approximately 3-years average tenor extension compared with 2017 NIFA; and a natural hedge for Cash Available for Distribution generated in Euros.

Notes was subscribed by a group of institutional investors including Voya Retirement Insurance and Annuity Company, Security Life of Denver Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Venerable Insurance and Annuity Company, BPCE VIE, Helaba Invest Kapitalanlagegesellschaft mbH, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY, Athene Annuity & Life Company, Athene Annuity & Life Assurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, Symetra Life Insurance Company, Pacific Life Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company and Novo Banco.

Atlantica Yield plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA.

In Perù, Miranda & Amado advised Atlantica Yield plc with José Miguel Puiggros and Rafael Santín López Torres.

In Spain, Garrigues advised Atlantica Yield plc with Xabier Urtiaga.

In Mexico, Santamarina y Steta advised Atlantica Yield plc with Juan Carlos Machorro, Ricardo Orea Montaño, Margarita Casarín and Andrés Remis.

In US and UK, Skadden advised Atlantica Yield plc with Alejandro González Lazzeri, Marco Eugenio Ferrario, Alejandro Ascencio, Claire Consoli and Brendan Macreadie.

In Mexico, Galicia Abogados advised Voya Retirement Insurance and Annuity Company, Security Life of Denver Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Venerable Insurance and Annuity Company, BPCE VIE, Helaba Invest Kapitalanlagegesellschaft mbH, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY, Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, Symetra Life Insurance Company, Pacific Life Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company and Novo Banco, S.A. with Guillermo Pérez Santiago and Lili Abascal.

In Perù, Rubio Leguía Normand advised the investors with Carlos Arata and Sheerley Grease Cárdenas.

In US, Greenberg Traurig advised the investors with Charles Kolin, Michael Robson and Cristopher Lapp.

Involved fees earner: Lili Abascal – Galicia Abogados, S.C; Guillermo Pérez Santiago – Galicia Abogados, S.C; Xabier Urtiaga Valle – Garrigues; Charles Kolin – Greenberg Traurig; Cristopher Lapp – Greenberg Traurig; Michael Robson – Greenberg Traurig; José Miguel Puiggros Otero – Miranda & Amado Abogados; Rafael Santín López Torres – Miranda & Amado Abogados; Carlos Arata – Rubio Leguía Normand; Sheerley Cárdenas – Rubio Leguía Normand; Margarita Casarín D. – Santamarina y Steta; Juan Carlos Machorro G. – Santamarina y Steta; Ricardo Orea M. – Santamarina y Steta; Alejandro Ascencio – Skadden Arps Slate Meager & Flom; Claire Consoli – Skadden Arps Slate Meager & Flom; Marco Ferrario – Skadden Arps Slate Meager & Flom; Alejandro Gonzalez Lazzeri – Skadden Arps Slate Meager & Flom; Brendan Macreadie – Skadden Arps Slate Meager & Flom;

Law Firms: Galicia Abogados, S.C; Garrigues; Greenberg Traurig; Miranda & Amado Abogados; Rubio Leguía Normand; Santamarina y Steta; Skadden Arps Slate Meager & Flom;

Clients: Athene Annuity and Life Company; Atlantica Yield plc; BPCE VIE; Brighthouse Life Insurance Company; Brighthouse Life Insurance Company of NY; C.M. Life Insurance Company Inc. ; Helaba; Massachusetts Mutual Life Insurance Company ; MetLife -Metropolitan Life Insurance Company; Metropolitan Tower Life Insurance Co; Novo Banco S.A.; Pacific Life Insurance Company; ReliaStar Life Insurance Company; ReliaStar Life Insurance Company of New York; Security Life of Denver Insurance Company; Symetra Life Insurance Company; Voya Retirement Insurance and Annuity Company;

Author: Ambrogio Visconti.