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News Nov 26, 2014

Shearman & Sterling Advises on Angamos Senior Secured Notes Offering

Shearman & Sterling represented Empresa Eléctrica Angamos S.A., a Chilean power company wholly owned by AES Gener S.A., which in turn is majority owned by AES Corporation, in connection with its Rule 144A/Regulation S offering of US$800 million aggregate principal amount of its 4.875% Senior Secured Notes due 2029.

Angamos is engaged in the generation, transmission and supply of electricity in northern Chile. Angamos used the net proceeds of the offering to repay the secured credit facility it entered into on October 22, 2008 with various financial institutions (including certain of the initial purchasers and their affiliates) to finance the development, engineering and construction of the Anamosa electricity generation complex, including amounts arising as a result of the termination of associated swap agreements and other related transaction costs. The remainder will be used by Angamos for general corporate purposes.

The Shearman & Sterling team included partners Antonia Stolper (New York-Capital Markets) and Azam Aziz (New York-Investment Funds); counsel Alexandro Padrés (New York-Project Development & Finance); associates Grissel Mercado (New York-Capital Markets), Maria Marulanda Larsen (New York-Capital Markets), Jackson Murley (New York-Project Development & Finance), Christian Pugaczewski (New York-Investment Funds), Jeffrey Tate (Washington, DC-Tax), and Michael Daly (Washington, DC-Tax); visiting attorney Federico Piano Martínez (New York-Capital Markets); and international associate Carla Russo (New York-Corporate Group).