Lawyers from the Clifford Chance São Paulo office advised Brazilian sugar producer Tonon Bioenergia S.A. on an innovative, multi-tranche, secured offering of high-yield notes units that created a major buzz in the market. The offering of the U.S. $230,000,000 notes units, which was underwritten by Morgan Stanley and HSBC, involved Tonon granting collateral over one of its sugar mills, machinery contained within the mills, sugar cane and sugar cane by-products. The team was led by Capital Markets partner Anand Saha, with assistance from associates Patrick Jackson and Paula Ganem, and trainee Victor Greenstreet.
Guided by lawyers in Clifford Chance's New York office, real estate investment trust Fibra UNO has completed the largest-ever real estate equity offering in Latin America, raising U.S. $2.5 billion on Mexico’s stock exchange. More than 800 million shares were issued at a price of 41 pesos each in the offering, which closed June 10. The resulting funds will be used to finance future real estate acquisitions by the trust. The New York-based team advising Fibra UNO was led by Capital Markets partner Lewis Cohen. He was assisted by Tax partners Rich Catalano and Mike Seaton, counsels Jake Farquharson (Capital Markets) and Rob Stone (ERISA), and Capital Markets associates Allein Sabel, Brandon Jang and Vivian Tao. The transaction marks Fibra UNO’s third fund-raising effort this year, following a U.S. $646.5 million bond offering made in Mexico in January and a U.S. $1 billion debt issuance in February that marked the first such issuance by a FIBRA in the US.
Clifford Chance Finance partner Fabricio Longhin and associate Alberto Haito of the Firm’s Washington, DC, office helped Petroperú, the state-owned oil company of Peru, to secure a U.S. $500 million syndicated loan facility for the modernization of its Talara crude oil refinery. The financing will be used to revamp the Talara refinery, boosting its production capabilities and improving its level of compliance with various environmental regulations. The lenders to Petroperú were Mizuho, Deutsche Bank, JPMorgan, the Bank of Nova Scotia, Sumitomo Mitsui and the Bank of Tokyo-Mitsubishi. The loan represents a first step in a wider financing arrangement, which is expected to include a U.S. $1 billion capital markets tranche and an additional ECA-backed credit facility. In May, a Clifford Chance team lead by Longhin and London partner Tim Steadman, with the assistance of associates Dan Edwards and Patricio Abal, helped Petroperú close a U.S. $2.7 billion four-year engineering, procurement and construction agreement with Spain’s Técnicas Reúnidas, which is reportedly the largest turnkey project ever awarded for a refinery to a single contractor worldwide.