INTERNATIONAL FIRMS FIRM BRIEFINGS Proskauer Rose
2012 Firm Overview Active jurisdictions
Antigua, Argentina, Brazil, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, Grenada, Guadeloupe, Martinique, Mexico, Peru, St Vincent, Venezuela
Key offices São Paulo, New York
Most active disciplines
Disputes: Financial and corporate Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/Asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Environmental, Projects, Regulatory Tax: Corporate tax
Key energy sectors
LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power
Key infrastructure sectors Airports and aviation, Healthcare, Ports and shipping
Law capability English, US
Key partners Arturo Carrillo
Proskauer is notable for the transactional range and geographical reach of its Latin America practice. A client mentions: “Their expertise, their knowledge of US law, their speed and their consideration of our specific needs. They have a small office here in Brazil and we spoke directly with them all the time and that was also a highlight of their job. We are definitely pleased with the outcome of the project. There is nothing I wish had turned out differently.” Another client comments on the firm’s outstanding ability to explain
the intricacies of Colombian law to Canadian and US clients and sin- gles out partner and practice head Carlos Martinez for praise. “He can offer what I always look for in a lawyer, a practical application of tech- nical knowledge. There are a lot of excellent lawyers out there in the world who frankly should be in law schools – they’re extremely techni- cal, but they can’t figure out how to apply their knowledge in a real- world situation. Carlos is not like that at all and at the end of the day, he puts a fair amount into understanding the client, who are we are and what we do.” In April 2012, partners David Fenwick and Antonio Piccirillo rep-
resented Banco Itaú BBA, Banco HSBC, and Banco Votorantim as arrangers and lenders in a $328 million financing of the Hoa drillship, currently under construction in Korea and a $147 million re-financing of the Lancer drillship, which is currently in service but is undergoing re-fitting and contractual changes. When the construction and re-fi- nancing are complete, the drillships will have separate theatres of op- eration off the Angolan and Brazilian coasts, respectively. In June 2012, partners Piccirillo and Carlos Martinez represented
LW Securities as dealer in the issuance of 15% notes due 2017. The is- suer is Panama-based Pacific Power Generation, which has operating subsidiaries in both Panama and Colombia. Partner Vincenzo Paparo is providing ongoing counsel to Credit
Agricole Corporate as administrative agent and lender in the restruc- turing of a senior debt facility with a value in excess of $500 million in secured debt, on behalf of one of the largest drilling and management service providers, San Antonio Oil & Gas Services and affiliates. Last year, partners Fenwick and Martinez represented Pacific Ru-
biales Energy Corporation in a series of transactions with an aggregate value in excess of $1.1 billion. Matters on which they advised the client included negotiation of ISDA agreements with oil and gas derivatives counterparties, a $300 million offering of 7.25% senior unsecured
20 ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013
notes due in 2021, a $400 million revolving credit facility along with a $300 million Colombia peso equivalent revolving credit facility and an offer to exchange $450 million 8.75% senior notes due in 2016 for newly issued US-dollar denominated 7.25% senior notes due in 2021.
Simpson Thacher & Bartlett
2012 Firm Overview Active jurisdictions
Argentina, Brazil, Chile, Colombia, Dominican Republic, Mexico, Peru
Key offices New York, São Paulo
Most active disciplines
Financial and corporate: Equity and debt offerings, M&A, Joint ventures, Restructurings, Private equity fund formation and investments, Privatisations, Syndicated loans, Project finance, Structured finance.
Key energy sectors
Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power
Key infrastructure sectors Airports and aviation, Education, Healthcare, Toll roads
Law capability English, US
Key partners David L Williams, S Todd Crider, Jaime Mercado
Besides its Houston office, which opened in April 2011, Simpson Thacher’s preeminence in project finance, specifically the Latin Amer- ican energy and infrastructure sectors, benefits from strong knowledge of the local legal markets. In December 2012, partners S Todd Crider and Jaime Mercado rep-
resented holding company Equatorial Energia in relation to a $1.3 bil- lion follow-on equity offering, registered in Brazil, the proceeds from which were intended to cover the costs of restructuring the client’s newly acquired subsidiary, Centrais Elétricas do Pará. In November 2012, Mercado and counsel Kirsten Davis represented
Aeropuertos Dominicanos Siglo XXII in an offering of $550 million in senior secured notes, with an aggregate principal amount of 9.25%, due in 2019 and guaranteed by the client’s parent company, Latin American Airports Holdings. The client is under the control of affiliates of Advent International, a private equity firm. David Williams, head of the Latin America practice, has led the way
on many financings for local transporters and distributors in the energy sector in recent months. For example, in October 2012, Williams rep- resented electricity generator and seller Termotasajero as borrower in relation to a $315 million project financing, for the purpose of devel- oping a 161.6MW coal-fired power plant alongside the company’s ex- isting 151MW coal-fired plant located in San Cayetano, Colombia. In August 2012, Williams provided counsel to natural gas transporter Transportadora de Gas del Norte in relation to its $300 million offering of senior notes. Williams represents fuel distributor Compania de Petroleos de Chile Copec as borrower in a $340 million credit agree- ment first announced in December 2011.
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