CMI Energía’s US$1 Billion Project Refinancing

Clifford Chance has advised CMI Energía.

CMI Energía, the renewable energy business unit of agro-industrial conglomerate Corporación Multi Inversiones (CMI), refinanced approximately US$1 billion in existing project finance debt owed by its subsidiaries in Guatemala, Honduras, Nicaragua, Costa Rica, El Salvador and the Dominican Republic.

The transaction involved a combination of (i) US$700 million 6.25% Senior Secured Notes due 2029 (the Notes) issued by Investment Energy Resources Limited (IERL), and (ii) a US$300 million loan (the Loan Facility) provided to IERL by a syndicate of Central American banks. Both the Notes and the Loan Facility are guaranteed by operating subsidiaries of IERL (the Guarantors) and are secured by a pledge of CMI’s common stock in the Guarantors. The transaction closed on April 26, 2021.

CMI Energía is one of the largest renewable energy businesses in Latin America, focusing on wind, solar and hydro technologies. The proceeds of the bond will be used to finance green projects in the categories of renewable energy, energy efficiency, green buildings and clean transportation. CMI Energía anticipates that this bond will help execute its sustainability priorities and support the achievement of the United Nations Sustainable Development Goals.

Partner Hugo Triaca (Picture) led the transaction, with support from associates Andrés Berry, Mariana Estévez and Luis Fortuño, and law clerk Maria Kim. Partner Avrohom Gelber and associate Sean Smestad advised on tax, with partner Paul Koppel and associate Thomas Koh advising on the ERISA aspects of the transaction. Partner Jefferey LeMaster and associate Matthew Press provided assistance with the ’40 Act elements of the transaction.

 

Involved fees earner: Andrés Berry – Clifford Chance; Mariana Estévez – Clifford Chance; Luis Fortuño – Clifford Chance; Avrohom Gelber – Clifford Chance; Thomas Koh – Clifford Chance; Paul Koppel – Clifford Chance; Jefferey LeMaster – Clifford Chance; Matthew Press – Clifford Chance; Sean Smestad – Clifford Chance; Hugo Triaca – Clifford Chance;

Law Firms: Clifford Chance;

Clients: CMI Energía;

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Martina Bellini

Author: Martina Bellini

CMI Energía’s US$1 Billion Project Refinancing

Clifford Chance has advised CMI Energía.

CMI Energía, the renewable energy business unit of agro-industrial conglomerate Corporación Multi Inversiones (CMI), refinanced approximately US$1 billion in existing project finance debt owed by its subsidiaries in Guatemala, Honduras, Nicaragua, Costa Rica, El Salvador and the Dominican Republic.

The transaction involved a combination of (i) US$700 million 6.25% Senior Secured Notes due 2029 (the Notes) issued by Investment Energy Resources Limited (IERL), and (ii) a US$300 million loan (the Loan Facility) provided to IERL by a syndicate of Central American banks. Both the Notes and the Loan Facility are guaranteed by operating subsidiaries of IERL (the Guarantors) and are secured by a pledge of CMI’s common stock in the Guarantors. The transaction closed on April 26, 2021.

CMI Energía is one of the largest renewable energy businesses in Latin America, focusing on wind, solar and hydro technologies. The proceeds of the bond will be used to finance green projects in the categories of renewable energy, energy efficiency, green buildings and clean transportation. CMI Energía anticipates that this bond will help execute its sustainability priorities and support the achievement of the United Nations Sustainable Development Goals.

Partner Hugo Triaca (Picture) led the transaction, with support from associates Andrés Berry, Mariana Estévez and Luis Fortuño, and law clerk Maria Kim. Partner Avrohom Gelber and associate Sean Smestad advised on tax, with partner Paul Koppel and associate Thomas Koh advising on the ERISA aspects of the transaction. Partner Jefferey LeMaster and associate Matthew Press provided assistance with the ’40 Act elements of the transaction.

 

Involved fees earner: Andrés Berry – Clifford Chance; Mariana Estévez – Clifford Chance; Luis Fortuño – Clifford Chance; Avrohom Gelber – Clifford Chance; Thomas Koh – Clifford Chance; Paul Koppel – Clifford Chance; Jefferey LeMaster – Clifford Chance; Matthew Press – Clifford Chance; Sean Smestad – Clifford Chance; Hugo Triaca – Clifford Chance;

Law Firms: Clifford Chance;

Clients: CMI Energía;

Print Friendly, PDF & Email
Martina Bellini

Author: Martina Bellini