Stoneway Capital Corporation’s $165 Million Notes Offering


DLA Piper, Stewart McKelvey, Pozo Gowland Abogados, Maples and Calder, Simpson Thacher & Bartlett, Cabanellas, Etchebarne & Kelly, Hogan Lovells, Perez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (h) and Marval, O’Farrell & Mairal advised on the transaction

Canadian investor Stoneway Capital Corporation finalized two significant transactions, completed on November 15, 2017, related to the construction of a combined-cycle power plant in the province of Buenos Aires, Argentina. Headquartered in Buenos Aires, Stoneway Capital is completing construction of 686.5 MW of generating capacity that will supply electricity under long-term power purchase agreements with CAMMESA, the operator of the wholesale electricity markets in Argentina.

DLA Piper advised Stoneway on its Rule 144A/Regulation S offering of $165 million of 10-year senior secured notes. These notes will be fungible with $500 million of 10-year senior secured notes of the same series issued by Stoneway in February 2017. In addition, DLA Piper advised Stoneway on the solicitation of consents from noteholders to certain waivers and amendments to the notes’ terms.

The $165 million of additional capital raised will finance the combined-cycle construction project described above, which, upon completion, will increase the total thermal capacity of Stoneway’s plants to 806.5 MW. The consent solicitation, approved with a nearly 99% participation rate, enabled Stoneway to incur the additional debt and enter into several project agreements related to the combined-cycle project.

Jefferies LLC, Seaport Global Securities LLC and Credit Agricole Securities (USA) Inc. acted as initial purchasers.

The Bank of New York Mellon acted as collateral agent and TMF Trust Company acted as trustee.

The DLA team advising Stoneway was led by partners Christopher Paci and Philip Corsello (both New York), and also included partners Willliam Candelaria, Drew Young and Jack Kantrowitz (all New York), Rita Patel (Washington, DC), John Murphy (Miami), associates Brad McCormick (New York), Greg Young (Los Angeles), John Wei (Boston), and Jorge Timmermann.

Stewart McKelvey advised Stoneway Capital Corporation with Paul Smith and Alanna Waberski.

In Argentina, Pozo Gowland Abogados advised Stoneway Capital Corporation with Esteban de Vedia and Joaquín Astarloa.

Maples and Calder advised Stoneway Capital Corporation with Kieran Walsh y Chris Newton. Asociado Daniel Perkins.

Simpson Thacher & Bartlett advised Jefferies LLC and Seaport Global Securities LLCa with S. Todd Crider (Picture), Rob Holo, Kirsten L. Davis, Amy T. Beller, Janet Nadile, Luiz Rafael de Vargas Maluf, Adriana Perez Cavazos, Jodi Schneider, Jonathan S. Pall and Diego Matamoros.

Cabanellas, Etchebarne & Kelly advised Jefferies LLC, Seaport Global Securities LLC, Credit Agricole Securities (USA) Inc., Araucaria Generation S.A., Araucaria Energy S.A and SPI Energy S.A. with Marcelo Etchebarne, Alejandro Noblía, Ricardo Menéndez San Martín and Juan Francisco Fernández Garcés.

In NY, Hogan Lovells advised The Bank of New York Mellon with Rob A. Ripin and Kristy Tholanikunnel.

In Buenos Aires, Perez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (h) advised The Bank of New York Mellon with Alan Arntsen. Asociadas Sofía Leggiero and Delfina Vallvé.

Marval, O’Farrell & Mairal advised TMF Trust Company with Roberto Silva (h) and Martín Lanús.

Involved fees earner: Paul Smith – Stewart McKelvey; Alanna Waberski – Stewart McKelvey; Esteban de Vedia – Pozo Gowland Abogados; Marcelo Etchebarne – Cabanellas – Etchebarne – Kelly; Alejandro Ezequiel Noblía – Cabanellas – Etchebarne – Kelly; Roberto Silva (h) – Marval, O’Farrell & Mairal; Martín Lanús – Marval, O’Farrell & Mairal; Kieran Walsh – Maples and Calder LLP; Chris Newton – Maples and Calder LLP; Daniel Perkins – Maples and Calder LLP; Todd Crider – Simpson Thacher & Bartlett; Kirsten Davis – Simpson Thacher & Bartlett; Amy Beller – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Jodi Schneider – Simpson Thacher & Bartlett; Janet Nadile – Simpson Thacher & Bartlett; Robert Ripin – Hogan Lovells; Kristy Tholanikunnel – Hogan Lovells; Alan Arntsen – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Sofía Leggiero – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Delfina Vallvé – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Christopher Paci – DLA Piper; Philip Corsello – DLA Piper; William Candelaria – DLA Piper; Jack Kantrowitz – DLA Piper; John Murphy – DLA Piper; Bradford McCormick – DLA Piper; Greg Young – DLA Piper; Drew Young – DLA Piper; Rita Patel – DLA Piper; John Wei – DLA Piper;

Law Firms: Stewart McKelvey; Pozo Gowland Abogados; Cabanellas – Etchebarne – Kelly; Marval, O’Farrell & Mairal; Maples and Calder LLP; Simpson Thacher & Bartlett; Hogan Lovells; Pérez Alati, Grondona, Benites, Arntsen & Martínez; DLA Piper;

Clients: Credit Agricole; Jefferies; Bank of New York Mellon; TMF Trust Company; Seaport Global Securities, LLC; Stoneway Capital; Araucaria Energy S.A.; Araucaria Generation S.A.;

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Author: Ambrogio Visconti