Sociedad de Transmisión Austral S.A.’s US$390 Million Notes Offering

Clifford Chance and Claro & Cia. advised Itau BBA USA Securities, Inc. and Scotia Capital (USA) Inc. on the matter.
Milbank and Carey advised Sociedad de Transmisión Austral on the deal

Itau BBA USA Securities, Inc. and Scotia Capital (USA) Inc. acted as initial purchasers in connection with the inaugural issuance of US$390 million aggregate amount of 4.000% senior notes due 2032 by Sociedad de Transmisión Austral S.A. (STA). STA is a holding company for several operating electricity transmission subsidiaries based in Chile.

STA used the net proceeds of the notes to refinance debt and for general corporate purposes, including capital expenditures, related to transmission projects classified as “Green Projects” under the Green Bond Principles of the International Capital Market Association (ICMA).

The team was led by Capital Markets partner Hugo Triaca (Picture) in New York, with support from law clerk Joyce Moore and foreign law clerk Ximena López. Partner Avrohom Gelber advised on tax aspects of the transaction.

Claro & Cia. advised Itaú BBA USA Securities, Inc. and Scotia Capital (USA) Inc. in Chile with a team led by José Luis Ambrosy.

Carey advised Sociedad de Transmisión Austral with a team including Felipe Moro (Picture), Manuel José Garcés, José Tomás Hurley, Loreto Ribera, Valentina Mendoza and Tomás Hernández.

In US, Milbank advised Sociedad de Transmisión Austral with a team including Carlos T. Albarracín, Andrew R. Walker, Josefina Ayala Wilkins, Mandeep Kalra, Cheyne Cudby and David G. Hanno.

Involved fees earner: Manuel José Garcés – Carey; Tomás Hernández – Carey; José Tomás Hurley – Carey; Valentina Mendoza – Carey; Felipe Moro – Carey; Loreto Ribera – Carey; José Luis Ambrosy – Claro y Cia; Avrohom Gelber – Clifford Chance; Hugo Triaca – Clifford Chance; Carlos Albarracín – Milbank LLP; Cheyne Cudby – Milbank LLP; David Hanno – Milbank LLP; Mandeep Kalra – Milbank LLP; Andrew Walker – Milbank LLP;

Law Firms: Carey; Claro y Cia; Clifford Chance; Milbank LLP;

Clients: Itaú BBA USA Securities; Scotia Capital Inc.; Sociedad Austral de Electricidad S.A.;

Giulia Di Palma

Author: Giulia Di Palma