Milbank LLP advised Niagara Energy S.A.C., owner of Orygen Perú S.A.A. (formerly, Enel Generación S.A.A.), in connection with its offering of US$1.2 billion aggregate principal amount of 5.746% senior notes due 2034 and the related US$100 million term loan and US$150 million revolving credit facility.
Orygen, a portfolio company of Actis, is a global infrastructure investor. As the largest non-conventional renewable energy portfolio in Peru and one of the largest investors in energy generation assets in Latin America, Orygen owns and operates a diversified 2.3 GW portfolio of energy generating effective capacity across 13 power plants in Peru.
This was the largest single-tranche corporate bond ever issued by a Peruvian private company. The bond saw significant investor appetite, being well over-subscribed.
“We are pleased to have advised our client on this milestone offering, which achieved investment grade ratings from all three major credit rating agencies,” said Marcelo Mottesi, chair of Milbank’s Corporate Finance and Securities practice and co-head of the firm’s Latin America group. “This transaction is a testament to our firm’s expertise in Latin American capital markets generally, and in Peru in particular.”
“It is a privilege to have partnered with Niagara Energy on this landmark transaction for them and the Peruvian energy sector as a whole. It exemplifies both the critical role Orygen will play in Peru’s energy transition and Milbank’s excellence and commitment in the Latin American energy infrastructure space,” added Roland Estevez, Global Project, Energy and Infrastructure Finance partner.
The Milbank deal team was led by Mr. Mottesi and Mr. Estevez with Corporate Finance and Securities special counsel Andres Osornio Ocaranza and support from associates Louise Toledo Farias, Alexia Raad, Sofia Duclaud, Nicholas Kunz and Chelsea Minuche and international attorneys Rafael Bresciani and Pamela Molina. The deal team also included Tax partner Andrew Walker and associate Michelle Song.
