Shearman And Sterling

News Dec 18, 2020

UEP Penonomé II S.A.’s Senior Secured Notes Offering and Financing

Shearman & Sterling advised Citigroup Global Markets Inc., as initial purchaser in connection with a Rule 144A/Reg S offering of $262,664,000 6.500 percent senior secured notes due 2038 by UEP Penonomé II, S.A., one of the largest diversified clean energy companies in Central America and the biggest unconventional renewable energy producer in Panama in terms of installed capacity.

The firm also advised Citigroup, as counterpart to a swap transaction; Global Bank, as provider of letters of credit; and The Bank of Nova Scotia, as collateral trustee.

The issuer applied the proceeds of the notes to repay certain outstanding loans and to unwind a hedge derivative instrument; and will apply another portion of the proceeds of the notes to finance or refinance eligible green projects related to renewable energy and energy efficiency.

The issuer is an indirect subsidiary of InterEnergy Group Ltd., a private power pioneer since 1998.

The Shearman & Sterling team below also included visiting attorney Elias Zaga Belzer.

The Team