American General Life Insurance Company and other foreign institutional investors in a private offeringOctober 19, 2017, by Christina McKeon Frutuoso - LATIN LAWYER
Norton Rose Fulbright and Winston & Strawn LLP in New York and Carey in Santiago have advised American General Life Insurance Company and other foreign institutional investors in a US$412 million private offering by a subsidiary of Chilean power generation company Latin America Power (LAP).
Greenberg Traurig LLP in New York and Barros, Silva, Varela & Vigil Abogados Ltda in Santiago advised Inversiones Latin America Power.
The offering closed on 28 September and is fully secured by subsidiaries of the issuer. It refinances existing project finance for LAP renewable energy projects selling output at the spot market price.
Norton Rose and Winston & Strawn both advised the institutional investors. Partner Claude Serfilippi, who led the deal for Winston & Strawn, used to be at now-defunct Chadbourne & Parke. In July, a team of former Chadbourne & Parke lawyers, who had recently joined Norton Rose following its absorption of their former firm, quit to join Winston & Strawn, denting Norton Rose’s New York Latin America practice.
Latin America Power’s cross-border offering aims to refinance the existing financing for two of its high-capacity wind farms, San Juan and Totoral, which have a combined capacity of 230 megawatts.
Norton Rose Fulbright
Partner Marwan Azzi, counsels Clare Karabarinde and Lee Gordon and associate Vincent Elhayek in New York
Winston & Strawn LLP
Partner Claude Serfilippi in New York
Partner Felipe Moro, counsel Patricia Silberman, and associates Matías Vergara, Manuel Alcalde, Fernando Noriega, Carmenmaría Poblete, Loreto Ribera, Sophia Bobadilla, María José Martínez, Patricia Montt and Valentina Vizcay in Santiago
Counsel to Inversiones Latin America Power Limitada (ILAP)
Partners Marc Rossell, Richard Kim, Michael Kelly and Mary Voce, and associates David Hong and Tammy Lam in New York
Barros, Silva, Varela & Vigil Abogados Ltda
Partners Fernando Barros and Juan Francisco Varela, and associates Josefina Castro, María Jesús Hernández and Cristian Stewart in Santiago