TermoCandelaria Power Limited’s US$266 Million Bridge Financing And Notes Reopening

Clifford Chance represented J.P. Morgan and Scotiabank as joint bookrunners, lead arrangers and lenders, in an US$80 million bridge financing transaction and as initial purchasers in a US$186 million notes reopening transaction by TermoCandelaria Power Limited.

TPL owns and operates the largest portfolio of thermal power plants in Colombia and is one of the largest electric power generation companies in the country with 1,283 MW in installed capacity. Disbursements made by TPL under the bridge financing, which closed in December 2019, were used to make initial payments under an EPC Contract and repaid with a portion of the proceeds from the notes reopening, which closed in January 2020.

TPL will use the proceeds from the transactions to convert its TECAN power plant located in Cartagena, from a Bryton-cycle power plant to a combined cycle power plant, increasing the installed capacity of the plant to 566 MW. TPL’s TECAN power plant expansion will increase power to Colombia’s Caribbean coast and contribute to the economic growth and development of the region.

The New York-based Clifford Chance team was led by Capital Markets partner Hugo Triaca (Picture) and Banking & Finance partner Guido Liniado, who were assisted by associates Leonela Vaccaro Padron, Lane Feler, Andres Berry, Nicolas Ocampo and foreign law clerk Fernando Castillo. Partner Avrohom Gelber advised on tax matters.

Involved fees earner: Andrés Berry – Clifford Chance; Lane Feler – Clifford Chance; Avrohom Gelber – Clifford Chance; Guido Liniado – Clifford Chance; Nicolas Ocampo – Clifford Chance; Hugo Triaca – Clifford Chance; Leonela Vaccaro Padron – Clifford Chance;

Law Firms: Clifford Chance;

Clients: JP Morgan; Scotiabank;