Holland & Knight Represents Lenders in $250 Million Bridge Loans to AES Corporation Affiliates in Dominican Republic
NEW YORK (December 16, 2015) – Holland & Knight advised Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) and Banco Popular Dominicano, S.A., as joint lead arrangers and bookrunners, on two senior unsecured bridge loans in an aggregate amount of US$250 million to AES Corporation (NYSE: AES) subsidiaries AES Andres DR S.A. and Empresa Generadora de Electricidad Itabo in the Dominican Republic. Banco Popular Dominicano also acted as administrative agent under the facilities. The transaction closed on Nov 30.
AES Corporation is a Fortune 200 global power company that provides affordable, sustainable energy to 18 countries through a diverse portfolio of distribution businesses as well as thermal and renewable generation facilities.
The loan was launched and closed in less than one month, with the participation of 13 financial institutions from the Dominican Republic, Central America and the Caribbean. Proceeds of the loan were used to buy back senior notes issued by affiliates of AES Andres and Itabo, due in 2020. In addition to the speed with which the transaction was executed, the deal involved five separate jurisdictions, the U.S., Dominican Republic, Cayman Islands, British Virgin Islands and the Netherlands, which added to the complexity of the transaction.
Holland & Knight acted as counsel to Bladex and Banco Popular Dominicano along with De Brauw Blackstone Westbroek New York B.V., P.C. in the Netherlands; Walkers in the Cayman Islands and British Virgin Islands; and Pellerano & Herrera in the Dominican Republic. Holland & Knight’s team included New York-based Partner Stephen Double and Associate Carlos Meza.