Infraestructura Energética Nova’s $840 Million Notes Offering


Latham & Watkins, Mijares, Angoitia, Cortés y Fuentes, Cleary Gottlieb Steen & Hamilton and Creel, García-Cuéllar, Aiza y Enríquez advised on the transaction

Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), the largest private-sector energy company in Mexico, finalized its debut offering on the international debt capital markets. The US$840 million dual-tranche sale, which closed on December 14, 2017, consisted of US$300 million in 3.750% ten-year notes and US$540 million in 4.875% thirty-year notes. The notes received investment grade ratings from Standard & Poor’s, Moody’s and Fitch, and obtained among the lowest-ever ten- and thirty-year coupons for US dollar-denominated bonds issued by a Mexican corporate. IEnova intends to use the proceeds of the offering to repay outstanding debt and for general corporate purposes.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Scotia Capital (USA) Inc. acted as Initial purchasers.

Latham & Watkins advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) with a team including Roderick Branch and Michael Sullivan.

In Mexico, Mijares, Angoitia, Cortés y Fuentes S.C. advised IEnova with Manuel Echave, Martín Sánchez Bretón, Patrick Meshoulam, Pedro García and Fernando Ruíz.

Cleary Gottlieb Steen & Hamilton advised the Initial Purchasers with Adam Brenneman (Picture) Jessica Repond y David Stuckey. Asistentes legales Olivia Espy and Nicholas Stringfellow.

In mexico Creel, García-Cuéllar, Aiza y Enríquez, advised the Initial Purchasers with Rodrigo Castelazo de la Fuente, Jorge Correa, Alejandro Isaac and Luis Olmos.

Involved fees earner: Rodrigo Castelazo – Creel, García-Cuéllar, Aiza y Enriquez SC; Alejandro Isaac Beas – Creel, García-Cuéllar, Aiza y Enriquez SC; Luis Olmos Diaz – Creel, García-Cuéllar, Aiza y Enriquez SC; Jorge Correa Cervera – Creel, García-Cuéllar, Aiza y Enriquez SC; Manuel Echave Pintado – Mijares, Angoitia, Cortés y Fuentes, S.C.; Martín Sánchez Bretón – Mijares, Angoitia, Cortés y Fuentes, S.C.; Patrick Meshoulam Águila – Mijares, Angoitia, Cortés y Fuentes, S.C.; Pedro Antonio García Ampudia – Mijares, Angoitia, Cortés y Fuentes, S.C.; Roderick Branch – Latham & Watkins; Michael Sullivan – Latham & Watkins; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Jessica Repond – Cleary Gottlieb Steen & Hamilton; David Stuckey – Cleary Gottlieb Steen & Hamilton;

Law Firms: Creel, García-Cuéllar, Aiza y Enriquez SC; Mijares, Angoitia, Cortés y Fuentes, S.C.; Latham & Watkins; Cleary Gottlieb Steen & Hamilton;

Clients: Citigroup Global Markets Ltd; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Scotia Capital Inc.; Infraestructura Energética Nova, S.A.B. de C.V.;

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Author: Ambrogio Visconti