10 October 2017
- Fabricio Longhin, Epifanio Pérez, José Guardo, Cliff Cone, Avrohom Gelber, Luis Maria Clouet, Mariana Estévez, Eugenio Fernández-Rico, Alberto Haito, Greg Kahn, Silvia Menendez, James Rodier, Jessica Springsteen, Fabricio Longhin, Epifanio Pérez, José Guardo, Cliff Cone, Avrohom Gelber, Luis Maria Clouet, Eugenio Fernández-Rico, Alberto Haito, Greg Kahn, Silvia Menendez, James Rodier, Jessica Springsteen
- New York, Washington D.C., London, Madrid
Clifford Chance Wins Big at the 2017 LatinFinance Project & Infrastructure Finance Awards
Clifford Chance's Latin America group is a five-time winner at the 2017 LatinFinance Project & Infrastructure Finance Awards ("Awards"), which were announced on September 26 in New York. With 21 Awards received over the past four years, the Firm continues to demonstrate leadership in connection with the development of groundbreaking financing structures for major projects across Latin America. Clifford Chance earned Awards this year in the following categories:
- Best Loan and Best Infrastructure Financing: Mexico – Red Compartida
Altán Redes, a Mexican telecommunications company backed by Morgan Stanley Infrastructure, the International Finance Corporation (IFC), the China-Mexico Fund (managed by IFC), Canadian pension fund CDPQ and the Mexican Afores (pension funds) grouped under the CKD IM and FFLatam; as well as with Mexican partners and industrial and institutional groups such as Axtel, Megacable, Hansam; and Grupo Multitel, which is the strategic partner, won the 20-year PPP contract to build an open-access wholesale wireless network covering 92.2 percent of Mexico's population. Clifford Chance helped Altán Redes obtain a two-part project financing as part of investments in the project that are expected to exceed US$7 billion over the life of the concession. The deal represents the world's largest open-access wholesale telecom network and the largest infrastructure development in Mexico’s telecoms sector. It is also the first PPP agreement to be executed in the Mexican telecoms industry. Note: Altán Redes also took the Best Sponsor award for this deal.
Key Team Members: Partners Epifanio Pérez and José Guardo and associates Eugenio Fernández Rico and James Rodier in Madrid, Alan Sakar Azuara in Washington, DC and Alejandro Espitia in New York.
- Best Infrastructure Financing: Central America – Ruta 27
The Firm advised Citigroup in the structuring of a landmark US$360.75 million dual offering of international and local project bonds by Autopistas del Sol, S.A., operator of the Ruta 27 toll road concession in Costa Rica. The transaction broke new ground for both project finance and the capital markets in the region. First, this was the first time a Costa Rican entity operating an infrastructure asset issued project finance-style bonds. Second, this was the first time that both international and local bonds were issued simultaneously for a Costa Rican issuer. This is also the first offering of project bonds out of a non-investment grade Central American country, making it a milestone deal in the Latin American market overall.
Key Team Members: Partners Gianluca Bacchiocchi, Per Chilstrom, Avrohom Gelber, Clifford Cone; associates Mariana Estevez, Alejandro Espitia, Eric Naftel and Margaret Mo in New York; and associate Silvia Menendez in London.
- Best Local Currency Financing – Alto Magdalena
The Firm advised Goldman Sachs and the Central American Development Bank (CABEI) in the structuring and arranging of a US$390 million multi-tranche, multicurrency, term loan financing for the Alto Magdalena toll road project in Colombia. This is one of a number of projects within Colombia's multibillion-dollar 4G toll road program in which the Firm has been involved. Last year, for instance, Clifford Chance took multiple LatinFinance awards for its pioneering work in advising Goldman Sachs on the arranging of a unique package to fund the Pacífico 3 highway.
Key Team Members: Partner Gianluca Bacchiocchi and associates Guido Liniado, Greg Kahn, Luis Maria Clouet and Alejandro Espitia in New York, and Alberto Haito in Washington, DC.
- Best Road Financing – Conexión Norte
Clifford Chance advised the senior lenders – Sumitomo Mitsui Banking Corporation, The Korea Development Bank, Banco de Crédito del Perú, Instituto de Crédito Oficial, Financiera de Desarrollo Nacional S.A., Banco Davivienda S.A. and Bancolombia S.A. – in connection with the approximately US$445 million multisource and multicurrency financing of the Conexión Norte 4G toll road. This deal also was a part of Colombia's 4G toll road program.
Key Team Members: Partner Fabricio Longhin and associates Alberto Haito, Jessica Springsteen, Julian Hurtado Vallejo and Lauran Smith, all based in Washington, DC.
Clifford Chance has been recognized for decades as a preeminent law firm in Latin America, renowned for successful, novel financing structures and its signature ability to drive innovation across the entire region. The Firm's dedicated Energy & Infrastructure team is comprised of bilingual and culturally fluent lawyers who understand Latin America's distinct business, legal and regulatory landscapes, as well as the evolving needs of a diverse client base. The group works seamlessly across practices on matters involving project development and the delivery of cutting-edge project-finance and -bond structures. Uniquely, the team is adept at developing sophisticated, multisource financings, for instance, involving multilateral lending agencies, the bond markets and, increasingly, both.