Brazilian holding company ISA Capital do Brasil has amended the terms of a bond programme to help its subsidiary, Companhia de Transmissao de Energia Elétrica Paulista (CTEEP), invest in new electricity transmission lines.
Chadbourne & Parke LLP in the US and Brazil’s Machado, Meyer, Sendacz e Opice Advogados advised ISA Capital, while Skadden, Arps, Slate, Meagher & Flom LLP represented the solicitation agent, Bank of America Merrill Lynch.
On 4 November ISA Capital completed a consent solicitation to amend provisions of the indentures governing its outstanding 7.9 per cent senior notes due 2012 and 8.8 per cent senior notes due 2017, giving greater flexibility to CTEEP.
Chadbourne partner Carlos Albarracín says, "This consent solicitation was a great success for ISA Capital and will allow CTEEP to continue playing a key role in the development of the Brazilian electricity transmission sector."
Albarracín notes the main challenges of the transaction were the heightened perception of risk in the current market and the tight schedule for completing the transaction. "Both challenges were met head on through a collaborative effort of all parties involved," he adds.
Counsel to ISA Capital do Brasil
• Chadbourne & Parke LLP
Partner Carlos Albarracín and associates Nilo Barredo and Adrienne Duffy
• Machado, Meyer, Sendacz e Opice Advogados
Partner Celso de Paula F da Costa and associates Eduardo Avila de Castro and Thales Tormin Saito
Counsel to Bank of America Merrill Lynch
• Skadden, Arps, Slate, Meagher & Flom LLP
Partner Phyllis Korff and associate Hugo Triaca
(Latin Lawyer 10.11.2009)
(Notícia na íntegra)