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Clifford Chance

2001 K STREET NW, WASHINGTON DC 20006-1001, USA
Tel:
Work +1 20006 1001
Fax:
Fax +1 20006 1001
Email:
Web:
www.cliffordchance.com

Fabricio Longhin

Tel:
Work +1 202912 5015
Email:
Clifford Chance

Work Department

Banking & finance, Energy & resources, Rail, Transport & logistics

Position

Fabricio Longhin advises developers, commercial banks, multilateral organizations, export credit agencies, infrastructure and energy funds and institutional investors in all aspects relating to the development and financing of energy and infrastructure projects in Latin America and the US.


Latin America: International firms

Banking and finance

Within: Banking and finance

Clifford Chance has a formidable Latin America banking and finance practice spread across its New York, Washington DC and São Paulo offices. The broad practice has demonstrated its market leading credentials in both restructurings and new money financings across the region. It is at the forefront of numerous recent restructurings in Brazil, where it also has a strong record in trade and commodity finance and export prepayment facilities. The firm is also experiencing growth in Argentina, following the jurisdictions re-engagement with the global economy, and remains a big player in energy and infrastructure finance and aviation finance. Other than Brazil, where it has a solid physical presence, the firm is especially active in Mexico, Colombia and Peru. The firm has long been recognised for its lending-agency client base and while this continues to be a pivotal part of the practice, it now represents a multitude of commercial banks such as UBS, HSBC, Mizuho Bank, Goldman Sachs and Credit Suisse. It has also experienced considerable growth in borrower engagements for clients such as Grupo R. The firm is widely recognised for its prominent role in Colombia’s 4G transport infrastructure program. This included advising the banks and debt funds on the financing of eight separate toll roads as part of the first wave of the nation’s $20bn infrastructure initiative. It represented Goldman Sachs on a $2bn multi-tranche and multi-currency financing for three 4G toll roads and advised Inter-American Development Bank (IDB) on the financing of the Perimetral Oriental de Cundinamarca toll road. In another landmark transaction, the firm advised Metro de Lima Linea 2, as concessionaire, and a consortium of sponsors on a $1.15bn securitization by Lima Metro Line 2 Finance and an $800m structured financing provided by a group of commercial banks, multilaterals and export credit agencies (ECAs). This involved the largest RPI-CAO securitization in Peru to date and constituted a fundamental component in the development of this landmark metro project in Lima. New York’s Jay Gavigan has a strong record in corporate financings and energy sector financings, and has a close connection to the IDB, several commercial banks and a number of Latin American borrowers, particularly in Mexico, Argentina, Brazil and Colombia. Chris Willott has transferred from São Paulo to New York, but remains heavily focused on Brazil where he represents a number of major local borrowers and banks in project finance, trade finance and corporate finance transactions. Gianluca Bacchiocchi is a leader in project finance, including transactions involving both loans and bonds. Washington DC’s Fabricio Longhin is another key player in project finance and has impressed with his work on Colombia’s 4G infrastructure program. Charles Adams is an increasingly integral member of the practice, having worked on a series of important deals in Colombia and Peru. Evan Cohen, the Americas regional managing partner, has a broad practice encompassing acquisition finance, project finance, syndicated lending and restructuring; and Washington DC’s Catherine McCarthy is close to a number of agency lenders such as the International Finance Corporation (IFC), IDB and Inter-American Investment Corporation (IIC), and commercial banks including Citibank and HSBC.

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Projects and energy

Within: Leading lawyers

Fabricio Longhin - Clifford Chance

Within: Projects and energy

Few firms can match Clifford Chance’s ‘very active’ Americas energy-and-infrastructure group in terms of its breadth and depth of expertise across jurisdictions, sectors and transaction types. With its ‘strong Spanish speaking capabilities’, a substantial São Paulo office and Latin America-focused teams in New York and Washington DC, the practice provides a compelling offering to a wide range of Latin American clients and international clients with interests in the region. Notably, it has developed close connections with commercial and investment banks such as Goldman Sachs, Credit Suisse, JP Morgan, HSBC and BNP Paribas, as well as multilateral agencies and development finance institutions (DFIs) including the Inter-American Development Bank (IDB), Inter-American Investment Corporation (IIC), International Finance Corporation (IFC) and Overseas Private Investment Corporation (OPIC). Other clients include Iridium, Mota Engil and Odebrecht. It has led the market in representing investment banks, particularly Goldman Sachs and JP Morgan, and has developed an especially impressive record with IIC amongst the agency lenders. The practice has gained particular prominence in a number of sectors, especially the Colombian 4G road transport infrastructure programme, and it is also at the forefront of energy and infrastructure transactions in other key jurisdictions such as Peru, Mexico, Paraguay and Argentina. The firm has led the market in project bonds and hybrid financings involving bank debt and capital markets funding, most notably in Peru and Colombia where it has dominated the markets. In addition, the team advised IDB and DNB Group in connection with the bridge financing, and a long term financing structured as a B-bond, of the 71MW Campo Palomas wind farm in Uruguay; this was the first true greenfield B-bond in Latin America. In another substantial transaction, it advised senior lenders IIC and Proparco on the $150m financing to project company Providencia Solar for the development, construction and operation of a solar photovoltaic power plant in El Rosario, El Salvador. The team also advised Credit Suisse on a $30m bridge loan to Ergon Peru for the financing of three photovoltaic solar panel installation projects in Peru. New York’s Gianluca Bacchiocchi is a prominent figure in project bonds and hybrid and multi-source financings, most notably in Colombia and Peru where he advises a range of commercial and investment banks, multilateral agencies and sponsors. Washington DC partner Fabricio Longhin is another market leader in project finance; solely focused on Latin America he has been at the forefront of the 4G infrastructure programme in Colombia, and –as an Argentine– he is also heavily involved in the development of projects, including renewable energy projects, in that jurisdiction. Washington DC partner Catherine McCarthy continues to be a key figure for multilateral agencies and several commercial banks, as does Lori Ann Bean and counsel Christopher McIsaac, who co-leads the Americas energy-and-infrastructure group. Chris Willott has transferred to New York from São Paulo but remains heavily focused on Brazil and wider Latin America. Senior associate Guido Liniado is an up-and-coming name, particularly in relation to Colombia and Argentina-related projects.

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United States: Finance

Project finance

Within: Project finance

Clifford Chance regularly acts for commercial banks on Latin American project financings, with the firm particularly dominant in Peru and Columbia; according to one observer, the firm ‘is by far the most experienced international firm in Latin America’. Washington DC-based Fabricio Longhin and Catherine McCarthy and New York-based Gianluca Bacchiocchi advised lenders on 14 different projects for Colombia’ s 4G toll road program using both multi-currency loans and project bonds. Bacchiocchi, who ‘pushes the envelope with his pioneering work in project bonds’, has particular expertise in acting for investment banks such as Goldman Sachs; in a further example of his work, he and New York-based Per Chilstrom assisted Citigroup Global Markets with the dual offering of international and local project bonds for the Ruta 27 project in Costa Rica. While the practice is particularly active on the lender side, it does also have sponsor capability; for example Longhin acted for Aela Energía on a $434m loan with six lenders to finance the construction of two wind farms in Chile. The team is also able to source the firm’s European expertise in private equity to advise on significant equity investments in projects; Washington DC-based practice co-head David Evans and New York-based David Brinton were active in this respect on for clients including Barings. Lori Ann Bean, who is based in Washington DC, is also noteworthy.

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United States: Industry focus

Energy: renewable/alternative

Within: Energy: renewable/alternative

Clifford Chance’s Washington DC-based team often features on cross-border work, particularly in Latin America; Fabricio Longhin is acting for the government of Argentina on the design of its renewable energy program. The team advises on finance for both sponsors and lenders, with recent clients including OPIC and Aela Energía. Practice head David Evans and Lori Bean are additional contacts.

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