Allen & Overy LLP, Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados and Maples and Calder have advised Banco Santander in a cross-border bridge loan to US power company Contour Global.
Contour Global took counsel from Machado, Meyer, Sendacz e Opice Advogados. In-house counsel were involved on both sides.
The US$38 million deal, signed on 26 July, will cover the initial costs of five wind power projects in Brazil that require total financing of US$268 million.
Mattos Filho partner Pablo Sorj says that the unusual structure of the deal came close to a project finance transaction: "Normally in a bridge finance the only guarantee is the parent company, [but] this was a structured bridge guarantee so the project was given as collateral even though it is still in the production phase."
The firms worked to a tight schedule, says Silvia Fiszman, partner at Machado Meyer. "In less than one month we agreed on the whole terms of the debt, the securities package, and also the foreign guarantees,′ she explains. ′The international component of the structure of the company gave an added complexity."
Santander turned to lawyers from Allen & Overy′s offices in Brazil and Luxembourg and offshore firm Maples and Calder because Contour′s international assets were used to secure as part of the financing.
Last year Machado Meyer helped Contour with another bridge financing for a hydroelectric plant. Fiszman says the firm has worked on a number of renewable energy deals recently, and expects to be involved in future financing agreements.
In April, a US$2.8 billion joint venture between energy companies was announced between CPFL Energia, advised by Trench, Rossi e Watanabe Advogados, and ERSA Energias Renováveis, which sought counsel from Pinheiro Neto Advogados. The deal combines a wide range of projects in renewables, from biomass thermoelectric plants to wind farms, and is expected to close this month.
Counsel to Banco Santander
In-house counsel - Mario Mourão
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
Partner Pablo Sorj and associates Bruno Mastriani Simões Tuca, Camila Corá Reis Pinto, Bernardo Môcho, and Mehiel Telles Machado
Allen & Overy LLP
Partner Bruno Soares and associates Mark Manisty, and Raphael Salomão in Brazil and partner Marc Feider and associate Marc Tkatcheff in Luxembourg
Maples and Calder
Partner Simon Firth and associate Nick Bullmore
Counsel to Contour Global
In-house counsel - Elisa Pascoal Alves Dos Santos and Rafael Sugai
Machado, Meyer, Sendacz e Opice Advogados
Partners Ana Karina de Souza and Silvia Fiszman, and associate Paulo de Tarso Machado
(Latin Lawyer 08.08.2011)
(Notícia na Íntegra)