Cleary Gottlieb guides $800m IEnova global bond offering
Cleary Gottlieb has represented the initial purchasers in an $800 million global bond offering by Mexico’s Infraestructura Energética Nova (IEnova)
IEnova is the Mexican unit of US company Sempra Energy, and is engaged in the construction and management of natural gas pipelines and renewable energy projects in the country.
The issuance comprised 4.750 per cent senior notes due 2051 and was conducted as a private placement in the US under Rule 144A, and an offshore offering in reliance on Regulation S.
The transaction priced on September 10, 2020 and is expected to close on September 15, 2020.
The initial purchasers of the bonds advised by Cleary Gottlieb were BBVA Securities, BofA Securities, Citigroup Global Markets, JP Morgan Securities and Scotia Capital (USA).
Cleary previously represented the initial purchasers in IEnova’s initial public offering and follow-on offering, which was the largest equity capital markets transaction in Latin America in 2016, as well as in IEnova’s debut investment grade global bond offering in 2017.
The Cleary corporate lawyers on the transaction were partner Jorge Juantorena (pictured), associate Jessica Repond, and international lawyer Gabriela Gallo.
Partner Jason Factor, senior attorney David Stewart Fisher and associate Michael Sims provided tax advice. All lawyers are based in New York.
In a separate deal, the law firm is advising América Móvil on its sale of its wholly owned subsidiary, TracFone Wireless to Verizon Communications for $6.25 billion in cash and Verizon common stock.
América Móvil will also be entitled to up to $650 million of contingent and deferred consideration pursuant to the terms of the transaction agreement.
TracFone is the largest mobile virtual prepaid service operator in the United States, serving approximately 21 million subscribers.
The law firm did not release its counsel list for América Móvil.
