Global law firm Clifford Chance has advised J.P. Morgan Securities LLC, Santander US Capital Markets LLC and Scotia Capital (USA) Inc., (i) as initial purchasers, in connection with the offering by Termocandelaria Power, S.A. (Termocandelaria) of US$425 million aggregate principal amount of 7.750% senior notes due 2031, and (ii) as dealer managers and solicitation agents, in connection with the related tender offer and consent solicitation directed to holders of Termocandelaria’s outstanding 7.875% Senior Notes due 2029.
Termocandelaria is one of the largest electric power generation companies in Colombia.
This transaction marks Termocandelaria’s return to the international capital markets after more than four years. Clifford Chance had previously advised on the company’s debut notes issuance and subsequent bridge financing and notes reopening transactions in 2020.
The Clifford Chance team advising on the deal was led by New York-based partner Hugo Triaca, and included:
- New York: Associates Joyce Moore and Jorge Vázquez Navarro and foreign law clerk Fernando Aguiar. Partner Avrohom Gelber advised on US tax matters.
- Madrid: Partner Jose Manuel Cuenca, counsel Leonardo Fernández and Maria Luisa Alonso, and associates Francisco Pizarro and Javier López. Senior counsel Roberto Grau advised on Spanish tax matters.
