Fernando Noriega
Partnerfnoriega@carey.cl
+56 2 2928 2216
Partner of Carey and co-head of the firm’s Banking & Finance / Capital Markets Groups. His practice is focused on banking law, lending transactions, project financing, as well as issuance of debt instruments, capital markets and foreign investment.
REPRESENTATIVE EXPERIENCE
- Codelco on the issuance and sale of securities for an aggregate of USD2 billion, under regulation 144A/Reg S of the United States, consisting in a new issuance of USD1.5 billion, with an interest rate of 6.44% and maturity in 2036, and the reopening of its existing notes for USD500 million, due in 2053, with an interest rate of 6.3%. This transaction included the participation of BofA Securities, Citigroup Global Markets, J.P. Morgan Securities and Santander US Capital Markets, as initial purchasers.
- Itaú Corpbanca on the restructuring of the existing debt of Inversiones Hoteleras Holding (IHH) with Itaú Corpbanca, in the context of the sale, by IHH, of all the outstanding shares in Inmobiliaria Cerro San Cristóbal (Hotel Sheraton) to Inversiones Hoteleras C y A (Grupo Alcázar).
- International Finance Corporation (IFC) on a financing granted to the Santo Tomás educational group, consisting of the Santo Tomás University, the Santo Tomás Professional Institute and the Santo Tomás Technical Training Center, for approx. USD57 million, with the purpose of financing physical and digital infrastructure projects in higher education focused on students who come, mostly, from vulnerable environments throughout Chile.
- Lo Espejo Data Center, a subsidiary of Odata Chile, on a financing of up to USD140 million, granted by Sumitomo Mitsui Banking Corporation and MUFG Bank, for the development and construction of a data center of an approx. total capacity of up to 40 MW, located in Santiago. Additionally, on the financing of the VAT associated to such construction for up to USD25 million, granted by Banco BICE.
- Sonnedix, through its subsidiary Sonnedix Cox Energy Chile, a joint venture with Cox Energy América, on a financing for up to USD120 million, granted by Sumitomo Mitsui Banking Corporation and DNB Bank ASA, for the construction, development and operation of Meseta de los Andes, a 160MWp solar photovoltaic power plant, to be located in the Valparaíso Region of Chile, and a transmission line of approx. 15.6 km., connecting the solar plant with the Los Maquis substation. Additionally, on a VAT Facility Agreement with Banco Security to finance the VAT associated with the construction of the project.
- Mainstream Renewable Power, and its subsidiaries in Chile, on a project financing for approx. USD620 million granted by Inter-American Investment Corp., CaixaBank, DNB ASA, KfW IPEX-Bank and Mitsubishi UFJ Financial Group and a VAT facility granted by Banco Santander Chile for approx. USD53 million, for the development and construction of Huemul, a five non-conventional renewable energy portfolio. This portfolio is comprised by two wind farms (Ckani and Llanos del Viento) and two solar PV plants (Pampa Tigre and Valle Escondido) located in the north of Chile and one wind farm (Puelche Sur) located in the south of Chile, with a combined capacity of 630 MW. It partially serves the PPAs awarded to Mainstream in the 2015/01 public tender process to supply 3,366 GWh/year to distribution companies.
- Celeo Redes on the issuance and placement of USD1.1 billion Senior Secured Notes under Rule 144A/Reg. S of the U.S. Securities Act at a 4.550% interest and due 2051, by Alfa Desarrollo. The proceeds are intended for the acquisition of Colbún Transmisión.
- Scotiabank Chile on a non-revolving credit facility granted to Solek Chile Holding III, a wholly owned subsidiary of the Solek Group, to finance the VAT associated with the construction of its photovoltaic PMG/PMGD projects in Chile. The initial disbursement will be used to finance the VAT associated to the construction of El Huaso and Don Flavio projects.
- Celeo Redes regarding a bridge loan agreement granted by an important financial institution to APG Energy & Infra Investment Chile Expansion to finance the acquisition of 100% of Transmisora Eléctrica de Quillota.
- Empresa de los Ferrocarriles del Estado (EFE) on its inaugural 144A/Reg S issuance of senior notes for USD500 million at a 3.068% interest due 2050.
- A group of financial institutions on the acquisition of senior secured notes for approx. USD253 million, issued by the Chilean subsidiaries of Atlas Renewable Energy, to finance the photovoltaic projects Sol de Javiera and Sol del Desierto.
- Mainstream Renewable Power Mezzanine Finance DAC, as borrower, and Cóndor Inversiones and Huemul Inversiones, as guarantors, on a loan for up to USD280 million, granted by AMP Capital group and the granting of certain guarantees in favor of Wilmington Trust, National Association, as collateral agent, for the financing, among others, of part of the capital contributions of the borrower, construction costs, funding of accounts and payment of certain expenses, of the wind and solar energy projects developed by the subsidiaries of Cóndor Energía, Huemul Energía and Puelche Sur Eólica.
- Sumitomo Mitsui Banking Corporation (SMBC) on a financing granted to Edgeconnex Chile, for the construction and set up of a data center located in the Metropolitan region, to be operated by Microsoft and Oracle.
AWARDS AND RECOGNITIONS
- Recognized in Banking and Finance, Chambers Latin America.
- Recognized in Banking and Finance, The Legal 500.
- Recognized in Banking, IFLR1000.
- Recognized in Capital Markets, Best Lawyers.
- Recognized in Banking, Leading Lawyers.
- Recognized in Banking and Finance, Top Ranked Legal.
ACTIVITIES AND MEMBERSHIPS
- Professor of the course "Financing Mechanisms for Construction Projects" of the Degree in Construction Law, Universidad de los Andes (2022).
- Professor of the course “Financing and Bankruptcy Reorganization: DIP Finance and Project Finance” of the Postgraduate Degree in Insolvency, Universidad del Desarrollo (2019-2021).
- Foreign Associate, White & Case, New York (2015-2016).
- Member of the Chilean Bar Association.
PUBLICATIONS
- Co-author of the Chilean chapter in Latam Fintech Regulation, Lloreda-Camacho (2019 and 2023).
- Co-author of the Chilean chapter in Global Legal Insights - Banking Regulation, Global Legal Group (2020-2023).
- Co-author of the Chilean chapter in ICLG - Lending & Secured Finance, Global Legal Group (2020-2022).
- Co-author of the chapters on the regulators of the Chilean financial sector: the Financial Market Commission, Superintendency of Pensions and Central Bank, Latin Lawyer Regulators (2020-2021).
- Co-author of the Chilean chapter in Global Legal Insights - Banking and Finance, Global Legal Group (2020).
- Co-author of the article "Chilean Banking Law Reform: Three Key Aspects", Financier Worldwide (2018).
- Author of the book "National Doctrine and Case Law on Medical Mal-Practice" (2011).
EDUCATION
- Law, Universidad de Chile (Summa Cum Laude).
- LL.M., Banking Law and Financial Regulation, London School of Economics and Political Science (LSE) (2015).
ADMISSIONS
- Chile (2010).
LANGUAGES
- Spanish.
- English.
