Clifford Chance Madrid team advise Natixis on Peru refinancing

A Clifford Chance team including lawyers from the firm’s Madrid office advised investment bank Natixis and the life insurance companies AIG, Pacific Life and Metropolitan Life on a refinancing for a transmission line project in Peru.

The Carhuaquero – Cajamarca Norte – Cáclic – Moyobamba Nueva transmission line project in northern Peru consists of four transmission lines and four substations spanning the Peruvian departments of Cajamarca, Amazonas and San Martín, and covering 371 kilometres.

The sponsor of the project, Madrid-based Bow Power, is a joint venture owned by the ACS Group and Global Infrastructure Partners.

The refinancing structure consisted of a $75.3 million fixed/floating-rate senior secured term loan facility and a $99.5 million aggregate principal amount of senior secured notes.

Both the notes and the loan facility have a 29-year maturity and are secured by a pledge or assignment of all of the concessionaire’s assets and rights to a collateral agent located in Peru.

It was the first private placement in Latin American for Natixis, which acted as sole bookrunner and placement agent.

The multijurisdictional Clifford Chance team included Madrid-based partner José Guardo (pictured), as well as associates Marta Ruiz Manrique de Lara and Eugenio Fernández-Rico Núñez.

Ben Cook