December 22, 2020

Milbank Advises Initial Purchasers and Lenders on $1.76B Bank/Bond Financing


Milbank advised the initial purchasers and lenders in connection with a bank/bond financing by EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., valued at US$1.76 billion. The issuers are subsidiaries of EnfraGen, LLC (“EnfraGen”), a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. The total debt raised includes a US$710 million 144A/Reg S project bond offering and a US$1.05 billion bank debt package.

The primary use of proceeds from the financing will be to refinance EnfraGen's existing debt and to fund EnfraGen's near term growth opportunities. EnfraGen is jointly controlled by Glenfarne Group, LLC and Partners Group (on behalf of its clients).

The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partners Jaime Ramirez and Dan Bartfeld and Global Capital Markets partner Carlos Albarracín, with support from Fernando Capellão, Lyndon Plothow, Kristina Hokenberg, Daniel Rios Zertuche, Anya Andreeva, Victoria Xie, David Cochran, Marcela Barba and John Preston.  

Mr. Bartfeld said: “Milbank is pleased to have advised the initial purchasers and lenders on this important and innovative portfolio financing transaction, which will contribute to expanding EnfraGen’s significant footprint in the Latin American energy market. This is the first 144A Project Bond that covers assets across three countries in the region, and we believe will set the stage for more 144A Project Bonds as we enter 2021.”

Milbank continues to have the lead legal role in many of the most significant Latin American power, energy and infrastructure matters and regularly advises clients on a wide range of development, financing and acquisition matters. This is the third 144A Project Bond that the firm has closed in the recent weeks, including our representation on the 144A Project Bond for Tierra Mojada in Mexico and the 144A Project Bond for InterEnergy in Panama. In addition, Milbank has worked on over 15 other major energy/infrastructure transactions in Latin America in 2020.