Arnold & Porter Advises CEL and the Republic of El Salvador on US$580 Million 8.650% Notes Due 2033

"Arnold & Porter advised the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL) and the Republic of El Salvador on a US$580 million offering of 8.650% notes due 2033, guaranteed by the Republic and listed on the Luxembourg Stock Exchange. Proceeds will fund US$500M of debt refinancing and an US$80M energy mitigation fund."

Arnold & Porter advised the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL) and the Republic of El Salvador in connection with a US$580 million offering of CEL's 8.650% notes due 2033, which were guaranteed by the Republic. The issuance comprised US$580 million of 8.650% Notes due 2033 and was listed on the Luxembourg Stock Exchange. CEL, a public autonomous entity of the Republic of El Salvador, issued the notes with the sovereign guarantee of the Republic. Of the offering proceeds, CEL will apply US$500 million to refinance existing debt and US$80 million to establish the Fondo de Mitigacion del Sector de Energia, a fund intended to stabilize electricity rates. Arnold & Porter represented CEL and the Republic of El Salvador with a team composed by: Arturo Caraballo (counsel); Whitney Debevoise (partner); Valentina Garzon (senior associate); David Sausen (partner, tax); Lauren Olaya (associate, tax); and Ivan Serralde Loyzaga (visiting attorney from Mexico), who assisted on aspects of the transaction.

Arnold & Porter Advises CEL and the Republic of El Salvador on US$580 Million 8.650% Notes Due 2033

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