Simpson Thacher and Clifford Chance on SIBA Energy financing in DR
Simpson Thacher has represented SIBA Energy Corporation (SIBA Energy), and Clifford Chance has advised the lenders, in connection with term loan facilities in an aggregate principal amount of up to USD $228 million and DOP $4.1 billion.
The loan proceeds will be used to develop, construct and operate a 258 MW combined cycle gas plant located in the Dominican Republic and to refinance certain existing debt of SIBA Energy.
The financing consists of three different tranches: a Dominican peso tranche of up to 4.1 billion Dominican dollars, a US dollar tranche of up to 188 million US dollars and a US dollar tranche of up to 40 million US dollars.
CIFI Services (CIFI) acted as mandated lead arranger; Fondo de Inversión Cerrado Libre para el Desarrollo de Infraestructuras Dominicanas I, CIFI LatAm, BHD International Bank (Panama), Banco De Reservas de la República Dominicana – Banco de Servicios Múltiples, Banco Popular Dominicano- Banco Múltiple, BPR Bank, Popular Bank, Banco Múltiple BHD, Banco Múltiple Promérica de la República Dominicana, St. Georges Bank & Company, Banistar Bank, Banistar Bank & Company, Banistar Bank & Company, Banistar Bank, Banistar Bank & Company, Banistar Bank & Company, Banistar Bank & Company, Banistar Bank. Banco Ficohsa (Panama) acted as lenders; and Banco Popular Dominicano- Banco Múltiple, as administrative agent.
SIBA Energy Corporation is a consortium between Empresa Generadora de Electricidad Haina (EGE Haina), SGN Energia and Monte Rio Corporation, the largest private electricity generator in the Dominican Republic.
Simpson Thacher’s team included partners Juan M. Naveira (pictured left) and William Smolinsky (pictured centre), senior counsel Jeanne Annarumma, counsel Amy Beller, associate Jomar Vargas and international associate Larissa Gebrim.
Clifford Chance’s team included counsel Alberto Haito (pictured right), associate Douglas Mulliken and special legal consultant Pedro Buchanan in Washington, DC, and partner Avrohom Gelber and associate Sharon Yu in New York.
