Milbank, Tweed, Hadley & McCloy LLP represented Barclays Capital and Deutsche Bank Securities as underwriters’ counsel in a $310 million offering by major El Salvador electricity provider AES El Salvador.
Marcelo Mottesi, head of Milbank’s Global Securities practice group, led the deal team in the transaction. AES El Salvador is a subsidiary of U.S. power company AES (NYSE: AES).
The notes were issued by AES El Salvador Trust II, formed to make the offering on behalf of AES El Salvador.
The offering is guaranteed by the company’s four distributor subsidiaries. Proceeds will go toward buying back outstanding Senior Guaranteed Notes due 2016 via a concurrent tender offer.
Mr. Mottesi commented, “We’re pleased to have worked with Barclays and Deutsche Bank on this offering for AES El Salvador, which, along with its distributors, covers about three-quarters of El Salvador’s electricity market, including regions that not long ago were without access to power. The transaction is a great complement to the work our capital markets group continues to do throughout Latin America.”
In addition to Mr. Mottesi, Milbank’s deal team included global securities partner Paul Denaro and associates Adlin Castro and George Naya.
