Shearman & Sterling advised J.P. Morgan Securities, as sole global coordinator and joint bookrunner, and Citigroup Global Markets, Santander Investment Securities, SMBC Nikko Securities America, as joint bookrunners, in connection with a Rule 144A/Regulation S offering of $1.1 billion 4.550 percent senior secured notes due 2051 issued by Alfa Desarrollo (Alfa), a newly formed company wholly-owned indirectly by Celeo Redes and certain investment funds managed by APG to consummate the $1.35 billion acquisition of Colbún Transmisión.
Celeo Redes is a leading developer of electricity transmission projects in Latin America, including in Brazil and Chile. In Chile, Celeo Redes has been present since 2011. APG is one of the largest pension asset managers in the world, managing funds in different sectors, such as education and construction. APG is also a key player in the Chilean transmission market and owns 49 percent of the equity stake in Celeo Redes’ parent company. Following the consummation of the acquisition, Celeo Redes is expected to own the third largest portfolio of transmission assets in Chile.
The Shearman & Sterling team below included visiting attorneys Pedro de Elizalde (New York-Capital Markets) and Camila de Lasa (New York-Project Development and Finance).