Clifford Chance advises on Peru’s Transmantaro green bonds issuance

Clifford Chance has advised the initial purchasers on a notes issuance by Peru’s Consorcio Transmantaro (CTM)

CTM is engaged in the construction, operation and maintenance of power transmission systems in Peru, and is owned by Interconexión Eléctrica, which has a 60 per cent equity interest, and Grupo Energía de Bogotá, with a 40 per cent equity interest.

The issuance comprised a principal amount of $200 million of 4.700 per cent senior notes due 2034.

The notes were issued in a reopening transaction and form a single series with the $400 million that were originally issued by CTM in April 2019. Therefore, following the closing of the reopening transaction, notes for an aggregate principal amount of $600 million are outstanding.

The initial purchasers were BofA Securities and JP Morgan.  

The notes are labelled as green bonds with the proceeds being used to finance and/or refinance eligible green projects, including the refinancing of a short-term facility used to invest in the Mantaro-Nueva Yanango-Carapongo Interconnection, and the Nueva Yanango Nueva Huánuco Interconnection.

The notes are listed on the Official List of the Luxembourg Stock Exchange and trade on the Euro MTF Market of such exchange.

The firm’s team was led by led by capital markets partner Hugo Triaca (pictured) and included associates Lane Feler and Edwin Ramirez-Homs.

Partner Avrohom Gelber advised on tax matters.