Deal · El Salvador
BLP advises BofA Securities on the first international debt issuance by an autonomous institution in El Salvador
BLP advised BofA Securities, Inc., as initial purchaser, in the international R144A bond issuance carried out by the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL), which was backed by a sovereign guarantee from the Republic of El Salvador.
BLP advised BofA Securities, Inc., as initial purchaser, in the international R144A bond issuance carried out by the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL), which was backed by a sovereign guarantee from the Republic of El Salvador.
This transaction marks a milestone in El Salvador’s financial market, as it represents the first international bond issuance by an autonomous government entity in the country. CEL successfully placed US$580 million in seven-year bonds at a rate of 8.65%, with the proceeds aimed at refinancing existing debt and strengthening the Energy Price Stabilization Fund.
BLP provided comprehensive legal counsel to BofA Securities, Inc., including the review and structuring of the issuance documentation, due diligence process, analysis of relevant governmental authorizations, and preparation of the sovereign guarantee issued by the Republic of El Salvador.
The transaction was led by Partner Zygmunt Brett, with the support of Directors José Góchez and Fernando Farrar, and Associates Andrea Melara, Kilvert Carranza, and Julio Meléndez.
blplegal.com
