Financing
Private Equity/M&A
Corporate and Securities

Financing

Acquisition and Bank Financing

• La Caixa. We represented La Caixa as lender in connection with a €250 million financing for the acquisition by Sandgate and Infraestructuras Americanas (funds managed by Banco Santander) of part of the interest of Actividades de Construcción y Servicios (ACS) in Rutas del Pacífico and Autopista Central, two Chilean transport companies which have been granted infrastructure concessions by the Chilean government.
  
  
• YPF Sociedad Anónima, Argentina. We represented ING Barings as agent in connection with a $125 million credit facility for YPF Sociedad Anónima.
  
  
• VTR Hipercable, S.A., Chile. We represented The Toronto-Dominion Bank and Citibank, N.A. as arrangers of a $220 million credit facility for VTR Hipercable, S.A.
  
  
• Metrogas, S.A., Chile. We represented Bank of America N.T. and S.A. as agent of a $100 million credit facility for Metrogas, S.A.

Structured Financing, Securitization and Derivatives Transactions

• Vicentin S.A.I.C. We represented WestLB AG, New York Branch, as arranger, in a $20 million Notes Offering Program secured by trade receivables for Vicentin S.A.I.C.
  
  
• YPF, S.A., Repsol, S.A. We represented Morgan Stanley, as the initial purchaser, in a $200 million offering by Oil International Limited, supported by forward crude oil arrangements with YPF, S.A., Repsol, S.A. and Morgan Stanley Capital Group Limited and credit enhancement by Ambac Assurance Corporation.

Project and Lease Financing

• Central Puerto, S.A. We represented the Export-Import Bank of the United States in connection with the successful restructuring of the approximately $320 million senior secured debt of Central Puerto, S.A., an Argentine electricity producer. Central Puerto is the largest electricity generating company in Buenos Aires and this transaction was one of the only successful restructurings of electricity generator debt following the Argentine fiscal crisis and subsequent material changes in the regulatory scheme applicable to electrical power generation and distribution in Argentina.
  
  
• Eseba. We represented Bank of America National Trust and Savings Association, as Documentation Agent, in connection with a $330 million loan facility to AES Ocean Springs, Ltd., CEA Americas Operating Company, and certain affiliates in connection with the privatization of certain electrical distribution companies by the Province of Buenos Aires.
  
  
• Caldera Power Plant. We represented a US developer in the proposed development of a 165MW thermoelectric power plant in northern Chile, in a joint venture with a Chilean electricity distribution company.
  
  
• San Gregorio Project Uruguay. We represented a syndicate of lenders (agented by N.M. Rothschild & Sons Limited) in connection with a $25 million (or the gold equivalent thereof) secured project financing for the development of the San Gregorio gold mine owned by Rea Gold Corporation. We also represented Standard Bank London Limited in connection with the refinancing of the project debt referred to above.

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Private Equity/M&A

• GPU Empresa Distribuidora Eléctrica Regional, S.A. We advised Nexstar Capital Partners LLC and a group of US and Argentine private equity investors in their sale of GPU Empresa Distribuidora Eléctrica Regional, S.A. (which consists of five electricity distribution companies in the north of Argentina) to a group of investors led by JPMorgan. We had previously advised Nexstar, CoInvest, an Argentine private equity fund, and a group of US hedge funds in acquiring GPU Emdersa from JPMorgan Partners Latin America, L.P. and HSBC Tower II Equity Partners (Cayman) L.P., and in a subsequent restructuring of the debt of GPU Emdersa.

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Corporate and Securities

Securities

• Empresas Iansa, S.A. We represented ABN AMRO as underwriter in a $100 million high-yield bond offering by Iansa Overseas Limited, guaranteed by Empresas Iansa, S.A.
  
  
• Pan American Energy LLC, Argentine Branch. We represented Banc of America Securities LLC, as arranger, in the establishment of a $1 billion Global Medium Term Note Program for Pan American Energy LLC, Argentine Branch.

Debt Restructuring

• Banco de Galicia y Buenos Aires. We represented the unsecured lenders to Banco de Galicia y Buenos Aires, Argentina's largest private bank, in the restructuring of approximately $1.5 billion of debt of Banco Galicia.
  
  
• Piedra de Aguila, S.A. We represented the bank creditors in the restructuring of liabilities of Hidroelectric Piedra de Aguila, S.A. in Argentina. This is a hydroelectric generating company in Argentina.

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