Carey counsels on Chile’s largest ever equity placement
Law firm Carey has advised Enel Américas, a public company listed in Chile and on the New York Stock Exchange, on the structuring of a capital increase and equity public offering for $3 billion, the largest equity placement payable in cash ever approved in Chile.
A larger capital increase conducted by Enersis in 2012 was paid in assets and cash.
The law firm’s work on the capital raise included structuring the public offering, approval of the shareholders and the registration of the new shares with the local securities regulator (Comisión para el Mercado Financiero, CMF), and the NYSE.
The transaction was particularly challenging, since it was severely questioned, in particular by institutional investors such as pension fund managers, for the use of proceeds, arguing that the capital increase should have been approved as a related party transaction, the law firm said. However, the case was successfully defended before CMF.
Carey’s team was led by partners Alfonso Silva (pictured), Cristián Figueroa and Salvador Valdés, with counsel Patricia Silberman and associates Raimundo Honorato, Vicente Güell and Vicente Yubini.
