Stoneway Capital’s $500 Million Argentinian Project Bond


Holland & Knight advised private energy developer Stoneway Capital Corporation in a $500 million Rule 144A/Regulation S project bond offering and related matters, which closed on February 15. The transaction provides financing for the development, procurement, construction and operation of four simple-cycle power generating plants totaling 686.5 MW in the Buenos Aires region of Argentina.

Jefferies acted as global coordinator and, with Seaport Global Securities, acted as underwriters and joint-bookrunning managers of the offering. The transaction also included a $115 million secured loan from Siemens Financial Services to finance equity in the structure and an additional equity investment by SoEnergy International Inc., a Florida-based energy developer.

The deal is the first greenfield power generation project bond out of Argentina in more than 25 years. The transaction also represents the sixth Rule 144A capital markets deal Holland & Knight has closed from Argentina in the last 10 months.

Holland & Knight partners Norberto Quintana (Picture), Stephen Double and senior counsel Lara M. Rios led the firm’s work on the deal. They were assisted by associates Laura Guemes, Juliana Saa, Ashley Panaggio, Henry Roque, Daniel Ramos and Kevin Hall and international law clerks, Daniel Lovon and Javier Undurraga.

Involved fees earner: Norberto Quintana – Holland & Knight; Stephen Double – Holland & Knight; Lara Rios – Holland & Knight; Laura Guemes Cambras – Holland & Knight; Juliana Saa – Holland & Knight; Ashley Panaggio – Holland & Knight; Henry Roque – Holland & Knight; Daniel Ramos – Holland & Knight; Kevin Hall – Holland & Knight;

Law Firms: Holland & Knight;

Clients: Stoneway Capital;