Milbank LLP represented the initial purchasers in connection with the $940 million 144A/Reg S offering of 5.375% senior notes due 2030 by PERU LNG S.R.L.
The Milbank deal team was led by partner Marcelo Mottesi, head of the firm’s Global Capital Markets Group and co-head of the firm’s Latin America Group, with assistance from Global Capital Markets associates Alex Gefter, Lyndon Plothow and Delia Solomon.
The proceeds of the bond issuance were used for the prepayment of a senior debt facility, which involved the participation of Global Project, Energy and Infrastructure Finance partner Alec Borisoff, with support from associate Jeeseon Ahn.
Mr. Mottesi said: “We are delighted to represent the initial purchasers in this impressive bond offering by PERU LNG, especially in light of the ongoing political turmoil in Peru.”
Mr. Borisoff added: “This issuance is evidence of the strength of the Peru LNG project, representing a good example of how a well-structured project can work its way through the financing “life cycle” from agency debt to the capital markets.”
Milbank continues to have a strong presence in Peru and a deep client base in the country. Recent representations in Peru include: the S/200 million bond offering by Banco de Crédito del Perú, the $450 million bond offering by Inkia Energy Limited, the $340 million inaugural bond offering by Fenix Power Perú S.A., the $550 million inaugural high yield offering by Orazul Energy and the $650 million bond offering for Peruvian Power Project Cerro del Águila S.A.
