We represent developers, sponsors, investors, contractors, operators, governments and public agencies, commercial and investment banks, and bilateral and multilateral agencies such as the Export-Import Bank and the International Finance Corporation.
We advise on the full range of project financing techniques, including senior and subordinated lending, equity investments and leveraged lease transactions. We have been pioneers in the area of infrastructure project bond deals in Latin America. Examples include the $150 million Corredor Sur bond backed by toll road revenues in Panama, the Jorge Chávez International Airport bond and several of the IIRSA road project bonds, as well as ongoing toll road and other bond transactions in Perú.
We also have extensive experience in preparing and negotiating all types of project-related agreements, including partnership agreements, concession agreements, power purchase agreements, transmission agreements, fuel supply contracts, management agreements, engineering, procurement and construction contracts, and operating and maintenance agreements.
- Rutas de Lima. Represented Goldman, Sachs & Co., BBVA, Credicorp Capital and Banco de Crédito del Peru as underwriters and loan arrangers on the mixed senior secured bond and senior secured loan for the US$1 billion Rutas de Lima project, a public-private partnership (PPP) toll road project in Lima, Peru. The project comprises the maintenance, expansion and operation of 98 kilometers of existing roads and the construction, operation and maintenance of 19 kilometers of new roads, intended to reduce traffic congestion and increase efficiency of the commercial exchange among Lima, the port of Callao, and provinces located to the north, center and south of Peru. The transaction won awards as Best Local Currency Financing, Best Road Financing and Best Infrastructure Financing: Andes 2015 by LatinFinance, and was named 2014 PPP Deal of the Year by World Finance magazine. It represents one of the largest and most sophisticated project financings in 2014, as it combines financing from commercial banks, as well as funding from local and international investors in a Rule 144A/Regulation S project bond, and is the largest Peruvian-currency financing to date for any non-sovereign debtor.
- Abengoa Transmisión Sur (ATS). Represented BNP Paribas Securities Corp. and another leading bank as underwriters on the US$432 million issuance of a senior secured project bond by Abengoa Transmisión Sur (ATS). The project comprises the design, construction, development, ownership and operation of a transmission line that will provide power connectivity from Lima to south western Peru. The ATS project spans 885 kilometers—more than half the length of the country—and is a fundamental part of the Peruvian government’s plan to increase the reliability of the national electric grid. For that project, we first represented lenders in the mini-financing which provided the construction period financing that ultimately led to the successful project bond refinancing. This project bond is significant because it represents one of the very few international placements of a project bond for a Latin American project and the first to be issued with a 29-year tenor. The bond is the largest dollar-denominated project bond ever issued for a Peruvian project. This transaction was named the 2014 Americas Bond Deal of the Year by Project Finance International (PFI) as part of the publication’s annual PFI Awards, which recognize deal innovation, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects.
- Aruba Green Corridor. Served as sponsor’s counsel to Grupo Odinsa S.A., a Colombian infrastructure and construction company, whose Aruban affiliate Caribbean Infrastructure Company N.V. executed an approximately US$54 million debt financing with Deutsche Bank in order to finance the design, construction, and maintenance operations over a 20-year period for the approximately US$140 million Aruba Green Corridor availability payment road project. The project represents the first ever public-private-partnership financing completed in Aruba and one of the first in the Caribbean. Named Best Infrastructure Financing: Caribbean 2016 by LatinFinance.
- InterChile Transmission Line Projects. Represented Interchile S.A. as borrower on a senior secured loan arranged by a club international banks and a prospective VAT facility to be arranged by Chilean banks. The project comprises the design, construction, development, ownership and operation of several transmission lines in the Central Interconnected Grid (SIC) and the Northern Interconnected Grid (SING) of Chile and has a publicly reported estimated project cost of $1.3 billion. Named Best Power Deal 2016 by LatinFinance.
- Kingston Container Terminal. Represented the Port Authority of Jamaica in the negotiation of its agreement with the majority French-owned company Terminal Link/CMA CGM Consortium to privatize the Kingston Container Terminal. The privatization is a major development that will have significant benefits for the country’s growth. Named North America Port Deal of the Year 2017 by IJGlobal.
- Marcona and Tres Hermanas Wind Farm Projects. Acted as US legal counsel to Corporación Andina de Fomento in its capacity as subordinated lender in each of the Marcona and Tres Hermanas financings, and we represent an institutional investor in two additional proposed subordinated loan facilities for those same projects. These complex financings involved export credit agencies, multilateral agencies, a bilateral agency and, now, institutional investor funds for what will be, once in operation, Peru’s largest wind farm by installed capacity, at 129.25 MW. This transaction was named Best Renewable Energy Financing 2015 by LatinFinance.
- Orosí Wind Farm Project. Served as lenders’ international counsel to the Export-Import Bank of the United States, FMO (of the Netherlands) and BICSA (a Costa Rican state-affiliated bank) in connection in the long-term project financing of the Orosí 50MW wind farm project in the Guanacaste Province of Costa Rica, including the construction of a 230 kV, 20 km transmission line and interconnection facilities. This transaction was named the Latin America Wind Deal of the Year 2013 by Project Finance magazine.
- Luis Muñoz Marin International Airport. Represented the Puerto Rico Public-Private Partnerships Authority, a public corporation of the government of Puerto Rico, and the Puerto Rico Ports Authority on an approximately US$2.6 billion, 40-year lease agreement with Aerostar Airport Holdings LLC to privatize Luis Muñoz Marín International Airport in San Juan. The transaction marked the first privatization of a major airport in the United States. This project was named the North America Transport Deal of the Year 2013 by Project Finance magazine.
- Via Parque Rímac. Represented BNP Paribas as arranger and placement agent, and Banco de Crédito del Peru and Banco Internacional del Peru – Interbank, as lenders, on the nearly US$1 billion Via Parque Rímac toll road project (formerly called Línea Amarilla toll road) in Lima, Peru. This transaction was named Latin America PPP Deal of the Year 2012 by Project Finance magazine, Best Infrastructure Financing, Andean Region 2013 by Latin Finance magazine, and 2013 Americas Capital Markets Tax Deal of the Year by International Tax Review.
- Oaxaca II and IV. Represented Acciona Energia in the two separate project bond financings of the Oaxaca II & Oaxaca IV IPP projects in México: US$148.5 million for Oaxaca II and US$150.2 million for Oaxaca IV. These projects were selected as the Latin America Project Bond Deal of the Year 2012 by Project Finance magazine and Best Renewable Energy Financing 2013 by Latin Finance magazine.
Mayer Brown has a long track record of acting on award-winning deals in Latin America and the Caribbean. We were named a “Recommended Firm” in the 2016 edition of the Latin Lawyer 250, Americas Project Finance Team of the Year, 2015 by IFLR and the Project Finance Practice Group of the Year, 2014 by Law360.
Below are some of our most recent accolades.
- LatinFinance Project & Infrastructure Finance Awards Dinner. Mayer Brown was recognized for its outstanding work as a legal advisor in the Kingston Container Terminal project, which won the Best Port Financing Award, as well as in Celeo Redes Operación Chile bond, which has won Awards for Best Power Financing, Best Bond and Best Infrastructure Financing: Andes.
- ACI Airport SudAmérica: Best Airport Financing by LatinFinance magazine.
- Marcona and Tres Hermanas Wind Farm Projects. Best Renewable Energy Financing 2015 by LatinFinance magazine.
- Rutas de Lima. Best Local Currency Financing, Best Road Financing and Best Infrastructure Financing: Andes 2015 by LatinFinance magazine, and was named 2014 PPP Deal of the Year by World Finance magazine.
- Abengoa Transmisión Sur (ATS). 2014 Americas Bond Deal of the Year by Project Finance International (PFI)
- Orosí Wind Farm Project. Latin America Wind Deal of the Year 2013 by Project Finance magazine.
- Luis Muñoz Marín International Airport. North America Transport Deal of the Year 2013 by Project Finance magazine.
- Via Parque Rímac. Latin America PPP Deal of the Year 2012 by Project Finance magazine, Best Infrastructure Financing, Andean Region 2013 by LatinFinance magazine, and 2013 Americas Capital Markets Tax Deal of the Year by International Tax Review.
- Oaxaca II and IV. Latin America Project Bond Deal of the Year 2012 by Project Finance magazine and Best Renewable Energy Financing 2013 by LatinFinance magazine.
- We advised on the Latin Finance Structured Financing Deal of the Year 2011–the $300 million bond offering for Aeropuertos Argentina 2000.
- We advised on the IFLR Restructuring Deal of the Year 2011–the restructuring of Controladora Comercial Mexicana, S.A. de C.V. (CCM), arising from CCM's liability under currency exchange derivatives contracts. We represented Barclays Capital in connection with the bankruptcy filing. This transaction was also named Latin Finance Restructuring Deal of the Year 2011.
- We represented Banco WestLB do Brasil SA; Banco Santander do Brasil S.A. in the “stand-out deal” among Trade & Forfaiting Review’s Deals of the Year 2010–a $470 million pre export financing for the Brazilian pulp maker, Bahia Specialty Cellulose S.A. This transaction was also named Latin Finance Trade Finance Deal of the Year 2011.
- We represented Société Générale, as administrative agent, in connection with a $175 million senior secured credit facility to Sucden Americas Corporation, a sugar distribution company. Named Deal of the Year 2010 by Trade Finance magazine.
- We advised on the Project Finance magazine Latin American Water Deal of the Year 2010–the financing of the Huascacocha-Rímac water infrastructure project by the Peruvian water concessionaire Empresa Peruana de Aguas (EPASA). This was the first water infrastructure project financing in Peru. The transaction was also named Project Finance Deal of the Year 2011 by IFLR.
- We represented the lenders on the Project Finance magazine Latin American Deal of the Year 2010–the $700 million financing of a 300 MW Nuevo Pemex cogeneration facility in Tabasco, Mexico being developed by Spanish infrastructure company Abengoa.
- We advised on the $823 million financing of the Boleo copper-cobalt-manganese project in Mexico, which was named Latin America Mining Deal of the Year 2010 by Project Finance magazine and honored with the 2010 Exploration and Development Funding Award by Mining Journal. We represented the lenders which included US Export-Import Bank (in its largest mining deal to date), Export Development Canada, Korea Development Bank and a group of five commercial banks.
- We represented the Export-Import Bank of the United States on its 2010 Deal of the Year–the La Ventosa-LaMata wind project in Oaxaca, Mexico. U.S. Ex-Im Bank, the International Finance Corporation, Inter-American Development Bank and the Clean Technology Fund are financing the 67.5 MW, wind project, owned by EDF Energies Nouvelles of France.
- We acted as US counsel for Telemar Norte Leste S.A., as issuer, in connection with a $750 million 144A/ Reg S senior note offering, named by Latin Finance as Best Corporate Bond 2009.
- We advised George Weston Ltd. on the sale of its US Bakeries business to Grupo Bimbo SA de CV – shortlisted for Americas Deal of the Year at the 2009 M&A Advisor Awards.
- We advised on the Corporate Liability Management Deal of the Year 2008 (Latin Finance)–a $130 million bond buyback by Cervecería Nacional Dominicana, C. por A.–the first major bond buyback via a tender offer to have taken place in the Dominican Republic.
- We advised on Project Finance International magazine‘s Transport Deal of the Year 2009–the $1.5 billion long-term limited recourse project financing of the Mario Covas Ringroad in São Paulo, Brazil. The transaction was also named Latin American Deal of the Year 2009 by Project Finance magazine.
- We advised on the Project Finance International 2009 Americas Deal of the Year–the $1.5 billion project financing of two deep-sea drilling vessels (Norbe VIII and IX) for Odebrecht. The transaction was also named Best Project Finance Deal of the Year 2009 by Latin Finance and Oil & Gas Upstream Deal of the Year 2009 by Project Finance magazine.
- We advised on the Latin American Deal of the Year 2008–the São Paulo Metro Line IV (Project Finance magazine), which was also named Best Transportation Deal 2008 by Latin Finance.
- We advised on IFLR’s Project Finance Deal of the Year 2008the Panama Canal expansion project.
- We advised on the Latin American Acquisition Deal of the Year 2008–Advent International’s acquisition of Aeropuertos Dominicanos (Aerodom), the first leveraged buyout in the Dominican Republic (Project Finance magazine). This transaction was also named Private Equity Deal of the Year by IFLR.
- We advised on the Global Trade Review Deal of the Year 2008–the financing of a 64Mw dual fuel power plant by Wartsila Power Plants, on behalf of the Trinidad and Tobago Electricity Commission.
- We advised on the Latin American Project Bond Deal of the Year 2007and the IFLR Project Finance Deal of the Year–for the Jorge Chavez Airport project, Lima, Peru.
- We advised on the Latin American Renewables Deal of the Year 2007–for the Hidro Xacbal project in Guatemala (Project Finance magazine), which was also named the Latin Finance Power/Energy Deal of the Year 2007.
- We advised on the Latin Finance Infrastructure Deal of the Year 2007 for the IIRSA Sur Toll Road in Peru. This deal also won the Latin Finance Best Structured Bond Deal of the Year 2007.