Milbank LLP advised FEL Energy VI S.à r.l. (the “Issuer”) in connection with the US$953 million offering of 5.750% senior notes due 2040. The Issuer is a wholly-owned subsidiary of certain investment funds managed by The Blackstone Group Inc., and its primary asset is an indirect ownership interest in Ciclo Combinado Tierra Mojada, S. de R.L. de C.V., which owns and operates the 874.5 MW Tierra Mojada natural gas-fired combined-cycle power plant in Mexico. Proceeds from the offering were primarily used to refinance existing debt.
The Milbank deal team was led by partners Marcelo Mottesi, Dan Bartfeld and Jeff Leider, along with associates Andres Osornio, Janelle Vacchiano, and Mimi Powell.
Mr. Mottesi, head of Milbank’s Global Capital Markets practice said: “We are very pleased to have worked closely with Blackstone and Fisterra on this landmark project bond offering in Latin America and to maintain our leading presence within the Mexican and Latin American debt markets.”
Mr. Bartfeld, head of Milbank’s Global Project Energy and Infrastructure Finance Group added: “We are seeing a significant trend towards more limited recourse 144A Project Bonds being issued in Latin America. The industries covered are expanding from transportation infrastructure issuances to significantly more issuances in the power and energy space. When our energy and infrastructure industry expertise is combined with our top-ranked securities practice, we think that Milbank is uniquely qualified to advise clients on all aspects of these transactions.”
