Nachrichten November 08, 2021

EGE Haina’s $300 Million Sustainability Linked Notes Offering

Shearman & Sterling represented Empresa Generadora de Electricidad Haina, (EGE Haina) in connection with the issuance of $300 million 5.625 percent sustainability linked senior notes due 2028. The proceeds of the offering shall be used to repay all or part of the outstanding principal amount of multiple series of notes issued in the Dominican Republic’s local capital markets as well as to make a contribution to a special dividend to EGE Haina’s shareholders.

The 2028 notes were issued under EGE Haina’s Sustainability-Linked Financing Framework, which sets out certain sustainability targets, including a commitment to achieve a renewable installed capacity of 526.5MW by December 31, 2026. Failure to meet such target by December 31, 2026 will result in a 0.50 percent increase to the interest rate payable on the 2028 notes, beginning on May 8, 2027.

Citigroup Global Markets, J.P. Morgan Securities and Scotia Capital (USA) acted as Joint Book-Running Managers in the transaction.

EGE Haina is the largest private-sector generator of electricity in the Dominican Republic, based on both installed and effective capacity, and currently operates 53 generation units at 12 plants. EGE Haina is one of the leading companies in non-conventional renewable energy in the Caribbean.

The Shearman & Sterling team below included visiting attorney Pedro de Elizalde and associate Nicolas Usandivaras (both New York-Capital Markets).

The Team



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