Clifford Chance advises Termocandelaria Power’s market return

Global law firm Clifford Chance has advised J.P. Morgan Securities, Santander US Capital Markets, and Scotia Capital (USA) as initial purchasers in Termocandelaria Power’s offering of US$425 million in 7.750% senior notes due 2031. The firm has also served as legal advisor to the dealer managers and solicitation agents in connection with the related tender offer and consent solicitation for Termocandelaria’s outstanding 7.875% senior notes due 2029. Termocandelaria is one of Colombia’s largest electric power generation companies.

This transaction marks Termocandelaria’s return to the international capital markets after more than four years. Clifford Chance had previously advised on  the company’s debut notes issuance and subsequent bridge financing and notes reopening transactions in 2020.

The Clifford Chance team advising on the deal was led by New York-based partner Hugo Triaca, and included, in New York, associates Joyce Moore and Jorge Vázquez Navarro, and foreign law clerk Fernando Aguiar. Partner Avrohom Gelber advised on US tax matters. In Madrid, the transaction included partner José Manuel Cuenca, counsel Leonardo Fernández and Maria Luisa Alonso, and associates Francisco Pizarro and Javier López. Senior counsel Roberto Grau advised on Spanish tax matters.