Chadbourne & Parke LLP in the US and Brazil′′s Machado, Meyer, Sendacz e Opice Advogados have helped holding company ISA Capital do Brasil launch a tender offer to purchase its outstanding notes of US$354 million.
The cash offer to buy the notes, which have an interest of 8.8 per cent and are due in 2017, will expire on 8 March with the deal expected to close on 26 March. HSBC Securities acted as deal manager and solicitation agent, and was represented by US firm Skadden, Arps, Slate, Meagher & Flom LLP.
"The main challenge of the transaction was being able to successfully structure the tender offer of ISA Capital′′s notes so as to accommodate the timetable of a local capital raising transaction and the redemption of another series concurrently with the settlement of the tender offer," says Chadbourne partner Carlos Albarracin.
ISA Capital do Brasil, which is owned by Colombia′′s Interconexion Electrica, amended bond programme terms to help its subsidiary Companhia de Transmissao de Energia Elétrica Paulista invest in new electricity transmission lines last November. The holding company completed a consent solicitation to amend its outstanding 7.9 per cent senior notes due 2012 and 8.8 per cent senior notes due 2017.
Albarracin notes that the transaction "was made possible by a collaborative effort of all parties involved and close coordination of three working groups in New York, Brazil and Colombia."
Counsel to Interconexion Electrica
· General counsel Juan David Bastidas
Counsel to ISA Capital do Brasil
US
· Chadbourne & Parke LLP
Partner Carlos Albarracin and associates Nilo Barredo, Felipe Creazzo and Adrienne Duffy
Brazil
· Machado, Meyer, Sendacz e Opice Advogados
Partners Nei Schilling Zelmanovits and Celso de Paula F da Costa and associate Karina Momose
Counsel to HSBC Securities
US
· Skadden, Arps, Slate, Meagher & Flom LLP
Partner Phyllis Korff and associate Hugo Triaca
AS
(Latin Lawyer 10.02.2010)
(Notícia na Íntegra)
