Hunton & Williams LLP advised Instituto Costarricense de Electricidad (ICE), Costa Rica’s largest power and telecom provider, in connection with the Rule 144A and Regulation S offering and sale in the international markets of $500 million of 6.375 percent Senior Notes due 2043.
“We are very pleased to have been able to assist ICE in this offering, another important step in its ongoing efforts to expand its electric power and telecommunications operations,” said Fernando C. Alonso, chairman of the firm’s Latin American practice group.
The transaction closed on May 15, 2013. The net proceeds from the sale will be used for capital expenditures for ICE’s electric power and telecommunications operations and to refinance part of its existing bank debt. ICE, a state-owned utility, is also Costa Rica’s leading telephone and broadband service provider, including a 100 percent share of the country’s landlines.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acted as lead arrangers. The Bank of New York Mellon acted as trustee, registrar, transfer agent and paying agent.
In addition to Alonso, the Hunton & Williams team was led by partner Fernando Margarit and associate Uriel A. Mendieta of the Miami office. The firm has an established and diverse Latin America practice, consisting of lawyers and consultants with a long history of experience in the region. The team of multicultural and multilingual lawyers — working from Miami, New York, Washington, Richmond, and internationally — has represented clients ranging from global financial institutions and multinational corporations, to local governments and agencies, and prominent Latin American families.
