Orazul Energy Egenor’s $500 Million High Yield Notes Offering


Milbank, Rodrigo, Elías & Medrano, Gibson, Dunn & Crutcher and Garrigues have advised on the transaction

Orazul Energy Egenor S. en C. por A. (a Peruvian energy company) completed its $550 million inaugural high yield offering of 5.625% senior notes due 2027, which are guaranteed by the issuer’s sister company Aguaytia Energy del Peru S.R.L. and each of their respective subsidiaries.

Deutsche Bank Securities, Credicorp Capital, Citigroup Global Markets, Morgan Stanley & Co. and Scotiabank acted as underwriters.

This transaction is the first high yield bond offering out of Peru since 2014 and the first ever international bond issuance by Orazul Energy Egenor S. en C. por A. The proceeds of the offering were used by Orazul Energy Egenor to refinance existing debt, including debt incurred to partially finance I Squared Capital’s acquisition of Orazul along with other energy assets in Central and South America from Duke Energy in 2016.

Milbank has advised Orazul with Carlos Albarracín (Picture) along with associates Jonathon Jackson, Elizabeth McNichol, Alex Barlow and Claudia Paniague. The team also included Tax partner Andrew Walker and associates Jules Mugema and David Hanno.

In Perù, Rodrigo, Elías & Medrano Abogados has advised Orazul with Luis Enrique Palacios and Jorge Trelles.

Gibson, Dunn & Crutcher has advised Deutsche Bank Securities, Credicorp Capital, Citigroup Global Markets, Morgan Stanley & Co. and Scotiabank with Tomer Pinkusiewicz, Andrew Cheng, Romina Weiss, Toren Murphy, Elise Corey and Brian Hamano.

Garrigues has advised Deutsche Bank Securities, Credicorp Capital, Citigroup Global Markets, Morgan Stanley & Co. and Scotiabank with Thomas Thorndike, Jorge Fuentes, Rafael Martinelli and Miluska Gutiérrez.

Involved fees earner: Luis Enrique Palacios – Rodrigo, Elías & Medrano Abogados; Jorge Trelles – Rodrigo, Elías & Medrano Abogados; Tomer Pinkusiewicz – Gibson Dunn & Crutcher; Andrew Cheng – Gibson Dunn & Crutcher; Toren Murphy – Gibson Dunn & Crutcher; Elise Corey – Gibson Dunn & Crutcher; Romina Weiss – Gibson Dunn & Crutcher; Carlos Albarracín – Milbank; Jonathon Jackson – Milbank; Elizabeth McNichol – Milbank; Alexander Barlow – Milbank; Andrew Walker – Milbank; Jules Mugema – Milbank; Thomas Thorndike – Garrigues; Jorge Fuentes – Garrigues; Miluska Gutiérrez Vega – Garrigues; Rafael Martinelli – Garrigues;

Law Firms: Rodrigo, Elías & Medrano Abogados; Gibson Dunn & Crutcher; Milbank; Garrigues;

Clients: Citigroup Global Markets Ltd; Deutsche Bank Securities; Morgan Stanley; Scotiabank; Credicorp Capital; Orazul Energy Egenor S. en C. por A.;

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Author: Ambrogio Visconti