Carey counsels EFE on inaugural issuance

Chilean law firm Carey has acted as counsel to the country’s state-owned railway company, Empresa de los Ferrocarriles del Estado (EFE), on its inaugural $500 million notes issuance

The issuance was EFE’s first on international markets and comprised notes at 3.068 per cent interest due 2050.

“This was a challeging transaction, especially considering the regulatory complexities involved in any financing operation carried out by a state-owned company,” Carey said in a statement. “It was also a very successful transaction with a historically high interest rate, and with one of the best risk ratings for a Chilean public-owned company in the past few years.”

Carey acted as EFE’s Chilean counsel with a team led by partner Diego Peralta (pictured), with associates Fernando Noriega, Fernanda Valdés, Kriss Andía and Nadia Jara.

Skadden acted as international counsel to EFE, while Garrigues acted as local counsel to the initial buyers, and Davis Polk & Wardwell acted as international counsel to the initial buyers.