Chadbourne Parke advises on $1.15bn Peruvian metro bond offering

Chadbourne & Parke LLP advised the underwriters in relation to a $1.15 billion senior secured note offering to part finance the second line of the Lima and Callao metro project in Peru.


According to the firm, it represents the “largest ever bond offering supported by Peruvian government payment rights”.

Citigroup, Morgan Stanley and Santander acted as global coordinators, and Banca IMI, BBVA, Bank of America Merrill Lynch, Crédit Agricole, Natixis and Société Générale acted as joint bookrunners in the offering.

The Lima Metro Line 2 project is one of the largest projects initiated under the country’s infrastructure build-out plan. The deal will partially finance the 35-kilometre Lima Metro Line 2 which is expected to cost more than $5 billion, the largest project ever awarded by the Peruvian government.

“Chadbourne continues to be at the forefront of the most innovative and significant project financing transactions in Latin America, and we were honored to participate in another milestone infrastructure project in Peru,” said Daniel Spencer, a partner in the firm’s São Paulo office.

The Chadbourne team was jointly led by Spencer and Marc Rossell, head of Chadbourne’s global capital markets group.

Ben Cook