Various firms in Termocandelaria Power issue
Several firms have advised on the repurchase of existing bonds, and on the purchase of Termocandelaria Power’s US$425,000,000 7.750% senior notes due 2031.
The transaction, which took place on 17 September, also involved a tender offer and consent solicitation to the holders of the 7.875% senior notes due 2029.
Gómez-Pinzón, White & Case and J&A Garrigues acted as advisors to Termocalendaria Power in Colombia, the US and Spain, respectively; while Philippi Prietocarrizosa Ferrero DU & Uría Colombia and Clifford Chance advised locally and internationally J.P. Morgan Securities, Santander US Capital Markes and Scotia Capital (USA) INC, who acted as initial purchasers and as dealer managers and solicitation agents.
Termocandelaria is one of the largest power generation companies in Colombia.
This transaction marks Termocandelaria’s return to the international capital markets after more than four years, demonstrating the company’s commitment to sustainable energy development in Colombia.
Gómez-Pinzón’s team comprised partners Daniel Londoño (pictured left) and Patricia Arrázola-Bustillo (pictured centre, left), and associates Sara Ferrer and Nicolás Rocha Pesántez.
PPU’s team included partner Hernando Padilla (pictured centre, right) and associates Laura Mejía, Manuela Arenas and Daniel Vargas.
Clifford Chance’s team was led by New York partner Hugo Triaca (pictured right). In addition, associates Joyce Moore and Jorge Vázquez Navarro and foreign counsel Fernando Aguiar were involved, as well as US tax partner Avrohom Gelber, all from the New York office. The Madrid team included partner José Manuel Cuenca, lawyers Leonardo Fernández and María Luisa Alonso, and associates Francisco Pizarro and Javier López, with senior counsel Roberto Grau advising on Spanish tax matters.
