Latham & Watkins Advises Mexico’s IEnova on US$800 Million Global Bond Offering

Latham & Watkins advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), the largest private-sector energy company in Mexico by market capitalization, in its global offering of US$800 million in 4.750% senior notes due 2051. The notes achieved the lowest-ever thirty-year coupon issued by a Latin American private-sector corporate in the energy industry, and received investment grade ratings from Standard & Poor’s, Moody’s, and Fitch. IEnova intends to use the proceeds of the offering for general corporate purposes, including to repay revolving debt.  The notes will be quoted on the official list of the SGX-ST in Singapore.

Latham recently counseled IEnova in obtaining long-term green loan financings from the US International Development Finance Corporation, the International Finance Corporation, the North American Development Bank and the Japan International Cooperation Agency. Previously, Latham advised IEnova on its US$840 million debut on the international debt capital markets, its US$1.6 billion global follow-on equity offering, and its US$598 million IPO.

Latham fielded an interdisciplinary cross-border team, including members of its Capital Markets Practice, Latin America Practice, and Energy & Infrastructure Industry Group, led by partner Roderick Branch, with associates Jonathan Sarna, KC Sands, Samantha Jackson, Edwin Abundis and Carolina Bernal on capital markets matters; partners Rene De Vera and Jiyeon Lee-Lim, with associate Lea Li, on tax matters; partner Farhana Sharmeen, with associate Sarah Soh, on Singapore law matters; associates Anna Ngo and Jonathan Ritson-Candler on European Union and United Kingdom regulatory matters; and associate Costanza García on energy and infrastructure regulatory matters.