AES Panama’s $1.485 Billion Refinancing

AES Panama's $1.485 Billion Refinancing

Shearman & Sterling and Arias, Fábrega & Fábrega advised initial purchasers for the offering. Clifford Chance and Alemán, Cordero, Galindo & Lee advised AES Panama Generation Holdings

Citigroup Global Markets, J.P. Morgan Securities, Scotia Capital (USA), Credit Suisse Securities (USA) and Banco General acted as initial purchasers for a Rule 144A/Reg S offering of $1.38 billion of 4.375 percent senior secured notes due 2030 by AES Panama Generation Holdings, a special purpose vehicle owned indirectly by the AES Corporation, and arrangers for a related $105 million term loan facility and a $50 million liquidity facility, all secured pari passu by the same collateral.

The issuer applied the proceeds of the term loans and the notes to fund back-to-back loans to various operating companies of AES in Panama, in turn, to repay and refinance their existing indebtedness and to finance new projects. The issuer will also use the proceeds of the liquidity loans to finance short-term working capital needs of the issuer.

The notes were listed on the Panamanian Stock Exchange and will be listed on the Singapore Stock Exchange.

Incorporated in 1981, AES is a power generation and utility company, that seeks to provide affordable, sustainable energy to 14 countries through a diverse portfolio of thermal and renewable generation facilities and distribution businesses.

Clifford Chance advised AES Panama Generation Holdings, S.R.L. with Jonathan Zonis, Avrohom Gelber, Paul Koppel,  Fabricio Longhin, Mariana Estévez, Jaime Turcios Zacarías, Daniel Borchert, Atul Jain, Jessica Springsteen, Greg Jehle, Pablo Ariel Fekete, Matthew Cramer, Ilse van Gasteren, Amin Tamaddoni, Hugo Van Der Molen and Shaun Campbell.

Alemán, Cordero, Galindo & Lee – Alcogal (Ciudad de Panamá): Socio Arturo Gerbaud de la Guardia. Asociados sénior Rafael A. Marquínez D. y Rita de la Guardia.

The Shearman & Sterling team included Manuel A. Orillac (Picture), Gregory Tan, Larry Crouch, Russell Sacks, Jennifer D. Morton, Robert O’leary, Stella Bae, Robert Powel, Justin Huynh, Janna Mouret, Anna Shepard, J. Ignacio Saldana, Michael L. Perez, Eric Grosshandler, Daniel Kachmar, Taylor Pugliese, Alejandro Medina and Gonzalo Robles.

Arias, Fábrega & Fábrega – ARIFA advised the Initial Purchasers with Estif Aparicio, Cedric Kinschots, Donald Canavaggio and Ana Isabel Quijano.

Involved fees earner: Rita de la Guardia – Alemán, Cordero, Galindo & Lee; Arturo Gerbaud de la Guardia – Alemán, Cordero, Galindo & Lee; Rafael Marquínez – Alemán, Cordero, Galindo & Lee; Ana Isabel Quijano – Arias Fabrega & Fabrega; Estif Aparicio – Arias Fabrega & Fabrega; Donald Canavaggio – Arias Fabrega & Fabrega; Cedric Kinschots – Arias Fabrega & Fabrega; Pablo Ariel Fekete – Clifford Chance; Daniel Borchert – Clifford Chance; Mariana Estévez – Clifford Chance; Avrohom Gelber – Clifford Chance; Atul Jain – Clifford Chance; Greg Jehle – Clifford Chance; Paul Koppel – Clifford Chance; Fabricio Longhin – Clifford Chance; Jessica Springsteen – Clifford Chance; Amin Tamaddoni – Clifford Chance; Hugo van der Molen – Clifford Chance; Ilse van Gasteren – Clifford Chance; Jaime Turcios Zacarias – Clifford Chance; Jonathan Zonis – Clifford Chance; Stella Bae – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Justin Huynh – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Jennifer Morton – Shearman & Sterling; Janna Mouret – Shearman & Sterling; Manuel Orillac – Shearman & Sterling; Robert O’Leary – Shearman & Sterling; Michael Perez – Shearman & Sterling; Robert Powel – Shearman & Sterling; Taylor Pugliese – Shearman & Sterling; Russell Sacks – Shearman & Sterling; Ignacio Saldana – Shearman & Sterling; Anna Shepard – Shearman & Sterling; Gregory Tan – Shearman & Sterling;

Law Firms: Alemán, Cordero, Galindo & Lee; Arias Fabrega & Fabrega; Clifford Chance; Shearman & Sterling;

Clients: AES Panama Generation Holdings, S.R.L.; Banco General, S.A.; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; J.P. Morgan Securities LLC; Scotia Capital Inc.;

Author: Ambrogio Visconti