LAGreen invests in Costa Rica’s first blue bond. BLP advised IDB Invest, FinDev Canada, and LAGreen on Costa Rica’s first blue bond, a $50 million issuance led by Banco Nacional de Costa Rica (BNCR). The funds will finance blue economy projects, including marine conservation, sustainable water management, plastic waste reduction, and the circular economy.
First issuance of a Social Bond in Costa Rica. BLP has advised IDB Invest as lead arranger/investor, and FinDev Canada as an investor in the first social bond issuance in Costa Rica. This private dematerialized subordinated bond series totals up to $75 million, issued by Banco Nacional de Costa Rica (BNCR).
Evertec refinances credit facilities.BLP has advised EVERTEC in Costa Rica and Guatemala on the refinancing of its existing credit facilities; the new credit lines consist of $200 million of extended revolving credit and a $415 million term loan A, both maturing on December 1, 2027.
EnfraGen Acquisition of Six Renewable Operating Assets in Panama and Costa Rica, and Bank Refinancing. BLP’s counsel proved pivotal in closing this complex project financing deal, underscoring the versatility and expertise of BLP’s Banking team. Their advisory spanned one of Costa Rica’s most intricate financings in recent years, involving the acquisition of renewable energy plants. This encompassed complexities in refinancing, the termination of existing bonds, regulatory analysis concerning energy in Costa Rica, including negotiation plus drafting of all local documents in Costa Rica. BLP was honored as the LatinFinance winner of its 2024 Project & Infrastructure Finance Awards, where our representation on behalf of our client, EnfraGen, won the Infrastructure Law Firm of the Year: Central America and Renewable Energy Financing of the Year.
Avianca financial restructuring process. BLP advised Latin American airline Avianca during restructuring to obtain short-term financing and eliminate more than $1 billion in debt. In October 2021, the airline received court approval for its restructuring plan in New York. The transaction was Latin Finance’s Deal of the Year.
Issuance of $1.5 billion in Eurobonds by the Republic of Costa Rica. BLP acted as local advisor to the banking group comprised of Santander US Capital Markets LLC and J.P. Morgan Securities LLC, who acted as initial purchasers and joint bookrunners, in the issuance of foreign currency for $1.5 billion with a yield of 6.55% averaging a maturity in 2034.
Largest placement of green bonds by a 100% renewable energy company in Central America and the Caribbean. BLP Costa Rica advised Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on Investment Energy Resources Limited’s $700 million issuance of Secured Notes with a Fixed Rate of 6.250% maturing in 2029.
Celsia sells part of its assets in Central America. BLP advised Celsia on selling certain generation assets in Costa Rica to EnfraGen, including the review and structure of local aspects under Costa Rican law and the review of the Stock Purchase Agreement and accessory documents.
Restructuring Phoenix Tower loans in Guatemala and El Salvador. BLP advised Scotiabank, which acted as the lead arranger and broker of the transaction, heading a syndicate of banks that restructured the loan agreements. The borrower re-arranged several loans through the deal, placing loans borrowed by Phoenix Tower’s U.S., Spanish, and Chilean subsidiaries into the same debt structure. The portfolio now includes a $1.4 billion credit line, a $540 million delayed draw term loan, and a $56 million revolving credit facility. The transaction won Latin Lawyer’s 17th annual Deal of the Year Award in the banking and finance category.
Banco Promerica’s public bond issue is the first such debt in Guatemala. BLP advised IDB Invest and Finance in Motion on the investment in sustainable bonds to be issued by Banco Promerica. BLP’s advice consisted of the structuring of the public bond issue, the preparation of all related documents, prospectuses, and agreements, and negotiation with participants such as the issuer, the National Stock Exchange, the Superintendency of banks, and brokers and agents, to achieve, finally, the investment of $500 million in public bonds issued by Banco Promerica.
The first issuance of international and local bonds for infrastructure financing in Costa Rica. The BLP team advised Autopistas del Sol, a subsidiary of Globalvía, on issuing senior secured notes in international markets for $300 million and $50.75 million within local markets, the first time an infrastructure company has issued international and local bonds simultaneously in Costa Rica.
Advisory in the financial deal of the year for the wind sector in Latin America. BLP advised the Export-Import Bank of the United States, Banco Internacional de Costa Rica (BICSA), and FMO (the Dutch government investment agency) in the structuring, negotiation, and formalization of a $100 million loan agreement in favor of Globeleq Mesoamerica Energy (GME) for the construction of the Orosí Wind Project in Costa Rica (50 MV). The project has an approximate cost of $130 million. This transaction was named “Financial Deal of the Year for the Wind Sector in Latin America” by Project Finance Magazine.
Meet the team