Clifford Chance

Clifford Chance advises on notes issuance and related tender offer by subsidiaries of global energy company AES in the Dominican Republic

New York: Leading international law firm Clifford Chance has advised Citigroup, J.P. Morgan and Scotiabank (i) as initial purchasers in the issuance of US$300 million aggregate principal amount of 5.700% Senior Notes due 2028 (the Notes) by AES Andres B.V. (the Issuer), guaranteed by Dominican Power Partners (DPP) and AES Andres DR, S.A. and (ii) as dealer managers in the concurrent tender offer for any and all of 7.950% Senior Notes due 2026 co-issued by the Issuer and DPP (the Old Notes). The proceeds from the Notes issuance were used to repurchase the Old Notes tendered pursuant to the tender offer, to redeem any such Old Notes not tendered and to prepay other indebtedness.

AES’ presence in the Dominican Republic’s energy sector is comprised of its operating subsidiaries Andres and DPP.  Andres, through its 319 MW natural gas-fired combined-cycle plant, and DPP, through its 359 MW natural gas-fired combined-cycle plant, together have an aggregate 678 MW of installed capacity, a significant portion of the total installed capacity in the Dominican Republic.

The firm has a track record of advising on similar transactions in Central America and the Caribbean, having recently advised AES Panama subsidiaries on largest transaction by a private company in Central America and advised Banco General on first additional Tier 1 offering by a Panamanian bank in the international markets.

The Clifford Chance team was led by Capital Markets partner Hugo Triaca in New York and included:

• New York: lead deal associate Lane Feler and Tax partner Avrohom Gelber.
• Amsterdam: Banking & Finance partner Jurgen van der Meer, Banking & Finance associate Marina Sarkisjan, Tax associates Nolan Groenland and Robin Houtveen and trainee Sam Akkersdijk.