Clifford Chance Advises on $770 Million A/B Bond Transaction for Energuate in Guatemala

**Law Firms Involved in the Transaction:** Clifford Chance advised the International Finance Corporation (IFC) as lender of record, and also provided counsel to Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC as joint bookrunners. **Transaction Overview:** The transaction involved a US$770 million term loan under IFC's A/B loan program to Distribuidora de Electricidad de Occidente, S.A. and Distribuidora de Electricidad de Oriente, S.A. (collectively known as Energuate), the largest power distribution company in Guatemala. This marked the first Rule 144A/Regulation S A/B bond transaction mobilized by IFC. Additionally, the joint bookrunners facilitated the offering of US$670 million in 6.350% senior notes due 2035 by a special purpose vehicle in the Cayman Islands, with proceeds used to acquire a participation interest in the IFC loan. Energuate plans to utilize the proceeds for connecting new users to its grid, enhancing its power network, supporting energy efficiency and emissions reduction, and refinancing existing debt. **Legal Team:** The team advising IFC included: - Fabricio Longhin (Partner) - Jonathan Zonis (Partner) - Paula Ferreira (Associate) - Agata Radajczyk (Associate) - Daniela Hernandez (Law Clerk) The team advising the joint bookrunners comprised: - Hugo Triaca (Partner) - Joyce Moore (Associate) - Cristian Ragucci (Associate) - Juan Andres Bosch (Foreign Lawyer) Additional support was provided by: - Avrohom Gelber (Partner, Tax Matters) - Kade Moural (Associate, Tax Matters) - Gareth Old (Partner, Financial Regulation) - Young Kim (Counsel, Financial Regulation)

Clifford Chance Advises on $770 Million A/B Bond Transaction for Energuate in Guatemala

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