Carey represents Goldman Sachs in financing and bond issue for Mercury Chile

Carey has assisted Goldman Sachs in a $360m bond issue and in a financing for the acquisition of AES Andes shares in favour of Mercury Chile HoldCo

 Carey has represented Goldman Sachs in the financing of the tender offer for all of the shares of AES Andes through a bridge loan to Mercury Chile HoldCo, acting as initial lender, lead arranger, bookrunner and administrative agent; as well as in a $360 US million senior secured bond issue by Mercury Chile HoldCo, maturing in 2027, under Rule 144/Regulation S of the US Securities Act of 1933, acting as global coordinator, bookrunner and initial purchaser.

This transaction, closed on 24 January, comprised a term-limited financing for the tender offer for AES Andes shares. It also involved the complexity of meeting the shortened terms in order to have the funds in place on the payment day of the tender offer, as well as the creation of a pledge over certain shares of a publicly traded company, which were acquired in the tender offer.

Shearman & Sterling advised Goldman Sachs on an international basis; Alston & Bird LLP advised Citibank as trustee, registrar, paying agent and transfer agent; Claro & Cía. acted as local counsel to Mercury Chile; while Davis Polk & Wardwell and Maples Group acted as international counsel to Mercury Chile. Ernst & Young, Banco de Chile and Citibank N.A. acted as financial advisors.

The in-house lawyers advising on this transaction were Andrea Sougarret and María Paz Cerda for AES, Iván Diaz for Banco de Chile and Patricia Gallagher for Citibank.

Shearman & Sterling’s team was led by partner Grissel A. Mercado, assisted by counsel María Marulanda Larsen, visiting attorney Pedro de Elizalde, partner Michael Chernick, associate Frank Oliver, and law clerk Fuyu Gao.

Alston & Bird’s team comprised partners Bradley Johnson and Adam Smith, along with senior associate Lauren McHale.

Davis Polk & Wardwell’s team consisted of partners Richard Truesdell, Louis Goldberg, Maurice Blanco and Monica Halland and associates Christina Bell and Carlos Escandón.

Claro & Cía. was represented by partners Rodrigo Ochagavía, Felipe Larraín and José Luis Ambrosy, senior associate Vicente Allende and associates Rafael Mackay, Matías López and Ana Luisa Correa.

Maples Group’s team was joined by partner Suzanne Correy and associate Tricia Cacho.

Finally, Carey’s team included partners Salvador Valdés (pictured left) and Patricia Silberman (pictured right), and associates Yoel Magendzo and Nicolás Fosk.