Clifford Chance advises on CEL's inaugural notes issuance, guaranteed by the Republic of El Salvador

Global law firm Clifford Chance has advised BofA Securities, Inc. as initial purchaser, in connection with the offering and issuance by The Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL) of US$580 million aggregate principal amount of 8.650% Notes due 2033 (the Notes). The Notes are guaranteed by the Republic of El Salvador.

CEL is a public autonomous entity of the Republic of El Salvador which develops and manages the country's energy resources. It is dedicated to generating electricity from renewable sources, particularly hydroelectric power.

The Clifford Chance team advising on the transaction was led by partner Hugo Triaca and included associates Joyce Moore, Alexandra Machado and Agata Radajczyk, and foreign lawyer Juan Andrés Bosch.

Clifford Chance advises on many sovereign and quasi-sovereign transactions in the Latin American market, including on the recent US$1 billion notes issuance and tender offer by the Republic of El Salvador and sustainable bond offering and related tender offer by Peru's COFIDE.