AMICORP HELPS CLOSE USD 1.8 BILLION IDB INVEST BOND DEAL
Amicorp Group has played a central role in setting up a landmark bond deal structured by IDB Invest that will bring much relief to Chilean consumers and its energy industry.
The deal, which was supported by Amicorp experts from our Uruguay, Chile, Luxembourg and the Netherlands offices, resulted in a USD 1.8 billion “A/B” bond designed to create liquidity in the market to reduce the impact on energy companies in Chile of a payment deferral scheme introduced under Law No. 21,472, more commonly known as the MPC Law.
As part of the financing structure, these deferrals are backed by payment certificates issued by the MPC Fund, that was created as part of this law. IDB Invest agreed to purchase all eligible payment certificates from the fund – with USD 180 million for portion “A” being financed from its own resources, and portion “B” financed through the issuance of credit notes in the global debt market.
Goldman Sachs Co. LLC led the two bond issuances as the arranger and Global Sale Coordinator, with J.P. Morgan Securities LLC and ITAU BBA USA Securities Inc. as joint bookrunners, and Clifford Chance as legal advisers. Kunstmann Spiess Abogados advised Amicorp under Chilean law.
Amicorp Group’s services during the transactions included:
- Set up and administration of a Luxembourg Special Purpose Vehicle (“SPV”), on behalf the issuer
- Set up and administration of a Stichting entity
- Onshore Administrative Agent
- Onshore Verification Agent
- Onshore Calculation Agent
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