Shearman & Sterling has advised ENGIE Energía Chile (EECL), a Chilean electric utility and subsidiary of the ENGIE group, and Philippi Prietocarrizosa Ferrero DU & Uría Chile has advised the bookrunners, in connection with a $500m offering of its 6.375% Senior Green Notes due 2034 and a simultaneous short-form cash tender offer for any and all of its 4.500% Notes due 2025.
The transaction closed on 17 April and involved the Chilean and US (New York) jurisdictions. Prieto y Cia acted as local counsel to the issuer, and Paul Hastings acted as counsel to the bookrunners in the US.
EECL used the net proceeds of the offer to fund the short-form cash tender offer and intends to use the remainder for general corporate purposes. EECL intends to use an amount equal to the net proceeds of the offer to finance and refinance one or more new or existing eligible green projects, in line with the ENGIE group’s Green Financing Framework.
J.P. Morgan Securities, Santander US Capital Markets LLC and Scotia Capital (USA) Inc. acted as global coordinators, joint bookrunners and structuring agents for the offer, and as dealer managers for the abbreviated cash tender offer.
Felipe Artigas acted as in-house counsel for EECL.
Shearman’s team was comprised partner Alejandro Gordano (pictured right) and associate Hunter Steitle from the New York-Capital Markets practice, as well as associate Marina Mendes Correa from the São Paulo-Capital Markets team. Other lawyers involved in the transaction were partner Larry Crouch from Menlo Park-Tax, alongside associates Daniel Kachmar from New York-Tax and Michael Buiteweg from Dallas-Tax.
PPU’s team was led by partners Daniel Parodi and Eduardo Escalona, with support from associates Antonia Jorquera, Juan Ignacio Rosales, Tomás Canales and Antonio Marinovic.
