The outcome of Chile’s largest ever energy auction will slash electricity bills for consumers and could encourage economic growth, but lawyers are questioning the bankability of some of the awarded projects.
A court in Chile has cleared telecommunications company Movistar, a Telefónica subsidiary, of breaching the country’s competition rules, after throwing out an abuse of dominance complaint.
Shearman & Sterling LLP in New York and Garrigues (Chile) have helped Chilean state-owned energy company ENAP complete a simultaneous issuance and cash tender that achieved the company’s lowest-ever interest rate on the global capital markets.
ENAP offered bonds worth US$700 million, before completing a cash tender for old debt worth US$600 million. Cleary Gottlieb Steen & Hamilton LLP in Buenos Aires and Aninat Schwencke & Cia in Santiago advised the underwriters, while Perkins Coie in York
assisted the trustee. The issuance closed on 5 August, while the tender offer expired yesterday.
Linklaters in New York, Severgnini Robiola Grinberg & Tombeur in Buenos Aires
and Aninat Schwencke & Cia in Santiago have helped the Argentine arm of Chilean stateowned energy company ENAP obtain a loan worth US$150 million to fund its recent
acquisition of Canadian counterpart ArPetrol.
Chile’s Supreme Court has halved a fine handed to ratings agency Fitch for negligence in
connection with corporate fraud by Chile’s largest retailer, La Polar.