February 4, 2022
Clifford Chance advises on inaugural green bond issuance by Chilean electricity transmission company STA
New York: Leading international law firm Clifford Chance has advised Itau BBA USA Securities, Inc. and Scotia Capital (USA) Inc. as initial purchasers in connection with the inaugural issuance of US$390 million aggregate amount of 4.000% senior notes due 2032 by Sociedad de Transmisión Austral S.A. (STA). STA is a holding company for several operating electricity transmission subsidiaries based in Chile.
STA used the net proceeds of the notes to refinance debt and for general corporate purposes, including capital expenditures, related to transmission projects classified as "Green Projects" under the Green Bond Principles of the International Capital Market Association (ICMA).
The team was led by Capital Markets partner Hugo Triaca in New York, with support from law clerk Joyce Moore and foreign law clerk Ximena López. Partner Avrohom Gelber advised on tax aspects of the transaction.
Clifford Chance advises on many sustainable finance transactions in the Latin American market, most recently advising on EGE Haina's sustainability-linked notes offering, the first of its kind by a Dominican issuer.