White & Case advised the senior creditors in the long-term project financing obtained by Transmisora Eléctrica del Norte for the construction of a 600Km electricity transmission line.
The senior financing consists of US Dollar and Chilean Peso–denominated senior loan facilities and a private placement under New York law. Three of the Chilean banks also extended a Peso-denominated value added tax facility that benefited from a second-priority lien over the project’s assets.
The borrower is a joint venture of sponsors Engie Energía Chile, a subsidiary of ENGIE, and Red Eléctrica Chile, a subsidiary of the Spain-based Red Electrica Corporación.
Banco de Chile, Banco del Estado de Chile, Banco de Crédito e Inversiones, Banco Santander-Chile, Instituto de Crédito Oficial, KfW IPEX-Bank GmbH, Mizuho Bank, Ltd., MUFG and Sumitomo Mitsui Banking Corporation were the senior lenders of the project while Prudential acted as initial fixed rate note- purchaser.
Partners Carlos Viana and Jeannine Acevedo led the White & Case team advising the banks.