Clifford Chance assists in liability management of AES El Salvador
Clifford Chance has assisted J.P. Morgan Securities LLC, as book-running manager and solicitation agent, in the tender offer and consent solicitation by AES El Salvador Trust II of a trust.
The transaction was consummated after the issuer offered to purchase for cash any and all of its 6.750% Senior Secured Notes due 2023, and solicited the consent of the holders to certain proposed amendments to the Notes, including the reduction of the minimum notice period for any redemption of the Notes by the Issuer.
The offer and consent solicitation were subject to customary conditions, including a financing condition.
As at the maturity date, $285,462,000 USD aggregate principal amount of the Notes were tendered in the offer, wit corresponding consents delivered in the consent solicitation, representing 92.08% of the outstanding Notes.
The firm also advised Banca de Inversión Bancolombia and Banco Agricola, as mandated lead arrangers and bookrunners, and other lenders, in connection with a $348 million credit facility provided to certain AES subsidiaries operating in El Salvador.
The proceeds of the latter transaction were used by AES El Salvador to purchase the tendered notes and to redeem the notes that remained outstanding after settlement of the tender offer and consent solicitation.
Clifford Chance’s team on the first transaction included GFM partner Hugo Triaca (pictured left), associate Emely Luna and counsel David Rondón.
The team advising on the financing included partner Jessica Springsteen (pictured right), counsel Alberto Haito and law clerk Joyce Moore. Partner Avrohom Gelber advised on the tax aspects.
