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Acting for lenders and borrowers, Barros & Errázurizalways does a great job’. The team is highly rated for its advice on complex banking and finance transactions and the practice benefits from the firm’s significant real estate, energy, environmental and regulatory groups. It fields lawyers who are experienced in secured, corporate and syndicated loans; structured, acquisition and project finance; complex guarantee agreements, bond placements and leasing. The firm also has a robust capital markets practice, including regulatory issues. Highlights include acting as Chilean Counsel to the senior lenders on a long-term, $851m project financing developed by Transmisora Eléctrica del Norte. Debt capital market activity saw the team assist HSBC, JP Morgan and Santander with the issuance and placement of a $400m Rule 144A/Reg S bond on behalf of Chile-headquartered retailer, Falabella. Nicolás Balmaceda leads the debtor-counsel team, while the lender-side practice group is directed by Francisco De la Barra; and Luis Alberto Letelier heads the capital markets team. Other key names include Bernardo Simian, Pablo Guerrero, managing partner Cristián Barros, Víctor Barros and Javier Díaz, formerly a senior lawyer with the capital markets and insurance regulator, SVS. At senior associate level, María Olga Rivera is very highly rated. Former managing partner and department co-head Gonzalo Molina left the firm in June 2018 to pursue business opportunities outside the legal sector.

Carey’s ‘high-quality team always does an excellent job and gets transactions closed on time and on the best terms possible’. It is widely respected for its assistance to domestic and foreign clients with bilateral and syndicated loans; liability management; public and private offerings and placements of capital and debt; securitisation; project financing; and structured products. Recent matters include advising Aela Energía, as borrower, on a long-term $435m loan to finance the construction of two wind farms. On the lender side, the team acted for Banco Security, Compañía de Seguros de Vida Consorcio Nacional de Seguros, and CN Life Compañía de Seguros de Vida in the granting of three credit line agreements for the financing of three photovoltaic solar plants; and also advised Export Development Canada on a $300m loan agreement to Codelco. Other headline matters saw the practice assist JP Morgan Securities and Merrill Lynch, as initial purchasers, on a $1bn senior notes issue by Cencosud (guaranteed by Cencosud Retail); while on the regulatory side, it advised City National Bank of Florida (and parent company BCI), on obtaining regulatory approval for the establishment and operation of leasing subsidiary City National Capital Finance from the Chilean Superintendency of Banks and Financial Institutions (SBIF) and the Central Bank of Chile. The department is led by Diego Peralta, who ‘has deep knowledge of Chile’s banking system and is always well informed of the latest developments in the legal banking sector’; Felipe Moro, ‘an excellent lawyer with great knowledge of project finance and who is great at identifying potential risks to sponsors at early stages’; and Francisco Ugarte who has a broader corporate finance and private equity profile. Other names to note are Francisco Guzmán and counsel Patricia Silberman while at the associate level Fernando Noriega, Diego Lasagna and Alejandra Daroch are notable lawyers.

Regularly acting for both domestic and international banks, Claro & Cia.’s finance ‘group is outstanding’. The team’s experience includes complex syndicated and bilateral loans, public and private securities placements, liability management, securitisations, structured products and operations with derivatives; while the project finance group assists sponsors, financial institutions and insurers with the financing of aviation, maritime and highway infrastructure, mines, oil and gas refineries and telecoms projects. Rodrigo Ochagavía and Ariel Mihovilovic led advice AES Corporation’s local subsidiary, Alto Maipo, and AES Gener (as sponsor), on the $2.2bn development, construction, operational agreements and refinancing of a 531MW hydropower plant and related interconnection and transmission assets. Other key matters included advising EIG Management Company and EIG Andes Financing on a $252m mezzanine senior secured credit facility granted to AME for the development of an LNG project; acting for ITAÚ CORPBANCA in the refinancing of a $465m corporate syndicated loan; and assisting Celeo Redes Operación Chile (an affiliate of Elecnor) with an approximately $600m project bond issuance. Jorge Martín acts for multinational corporations, banks, financial advisers and monoline insurers; José Luis Ambrosy has particular experience in public works concessions in Chile and project matters involving regulatory authorities in the Chilean securities market; andLuisa Núñez, Felipe Larraín, Juan León and counsel Cristián Lagos are also all highly rated.

Advising major lenders, borrowers, guarantors and collateral agents, Morales & Besa’s ‘excellent team consistently impresses with its top-level service’. The team acts in a wide variety of banking and financial transactions, including syndicated loans, project finance and restructuring, in sectors such as natural resources, retail, public infrastructure, energy, oil and gas, and utilities. On the non-transactional side, the team assists with licensing, regulatory matters and compliance. Myriam Barahona, whose broad experience covers infrastructure and energy project-finance, bank finance, investment funds and the capital markets, advised Banco de Crédito e Inversiones and Itaú Corpbanca on the restructuring of listed-company Cementos Bío Bío’s current debt and a new facility to finance working capital. Barahona ‘provides good planning from a time and structure standpoint’. Other matters saw the team advise Banco Santander-Chile on the financing of the VAT costs associated with the construction of two wind farms. In other areas, José Miguel Carvajal, who has extensive experience in loans, bond offerings, securitisation, foreign investment and foreign exchange matters, assisted Forum Servicios Financieros, part of BBVA Group, with filing 12 series of commercial papers with the Chilean securities market regulator. Guillermo Morales, Carlos Silva and Matías Langevin are all highly regarded; as is the ‘very savvyEugenio Besa. Ignacio Delpino and Ignacio Menchaca G are key senior associates.

Morales & Besa - Spanish translation: Brindando asesoramiento a los principales prestamistas, prestatarios, garantes y agentes de garantías, "el excelente equipo de Morales & Besa impresiona constantemente con su servicio de alto nivel". El equipo se desempeña en una amplia variedad de transacciones bancarias y financieras, incluidos préstamos sindicados y la financiación y reestructuración de proyectos, en sectores como los recursos naturales, el comercio minorista, la infraestructura pública, la energía, el petróleo y el gas, y los servicios públicos. En el lado no transaccional, el equipo ayuda con las licencias, los asuntos regulatorios y el cumplimiento. Myriam Barahona, cuya amplia experiencia abarca la financiación de proyectos de energía e infraestructura, la financiación bancaria, los fondos de inversión y los mercados de capital, asesoró a Banco de Crédito e Inversiones e Itaú Corpbanca en la reestructuración de la deuda actual de la empresa cotizada Cementos Bío Bío y una nueva facilidad para financiar el capital de trabajo. Barahona "proporciona una buena planificación desde el punto de vista del tiempo y la estructura". En otros asuntos, el equipo asesoró al Banco Santander-Chile en la financiación de los costos del IVA asociados con la construcción de dos parques eólicos. En otras áreas, José Miguel Carvajal, quien tiene una amplia experiencia en temas de préstamos, ofertas de bonos, titulización, inversión extranjera y divisas, asistió a Forum Servicios Financieros, parte del Grupo BBVA, con la presentación de 12 series de documentos comerciales ante la autoridad supervisora de mercado de valores chilena. Guillermo Morales, Carlos Silva y Matías Langevin gozan de una alta consideración; al igual que el "muy perspicaz" Eugenio Besa. Ignacio Delpino e Ignacio Menchaca G. son asociados sénior clave.

Philippi Prietocarrizosa Ferrero DU & Uría’s practice group handles high-profile project finance transactions in the energy, mining and infrastructure sectors; corporate finance transactions for both local and foreign banks; aircraft lease and financing operations (including commercial loans), Export Credit Agency-guaranteed financing; and offshore bond and share issuances – where the firm regularly acts as underwriter counsel in issuances by Chilean companies abroad. Marcelo Armas led the team acting as local counsel to lenders The Bank of Tokyo-Mitsubishi UFJ on a $400m credit agreement granted to Inversiones CMPC; assisted Export Development Canada with a $200m loan agreement granted to Scotiabank Chile; and advised Banco de Crédito e Inversiones, Banco Internacional, Banco BICE and Scotiabank Chile et al on a CLP20bn restructuring, syndicated loan and guarantee agreement. Andrés Sanfuentes advised Compañía Española de Financiación del Desarrollo on the granting of a loan to Spanish company Ramondin for the acquisition of Industria Nacional de Envases. Marcela Silva, whose practice covers banking and finance, project finance, infrastructure, capital markets and insurance, and Daniel Barros, who is noted for infrastructure, project finance and capital markets, are both key senior associates.

Baker McKenzie Chile’s ‘level of service of is high and the firm’s lawyers always respond quickly to clients, providing detailed explanations’. The team advises leading foreign banks and financial institutions on the offering and structuring of financial products, including specialised legal opinions. Its scope of work includes project finance (particularly toll road concessions, energy, mining, and pipeline projects), the financing of M&A transactions, master derivative agreements and day-to-day regulatory financial matters. Asset-backed securitisation transactions are a particular area of strength. Recent headline matters saw the practice group, working in conjunction with the firm’s Peru office, advise Mizuho Bank on a $125m cross-border syndicated refinancing to Banco de Credito e Inversiones; Banco Security, as borrower, on a $30m corporate loan from Wells Fargo; and Sierra Gorda SCM (a joint venture of KGHM and Sumitomo Group companies) on the Chilean-law aspects of the amendment and restatement of $1bn of loan documents. Department head Sebastián Vivanco and ‘fantastic business partnerLeón Larrain are both highly regarded, as are key partners Jaime Munro and Fernando Castro.

Acting for institutional investors, insurance companies and public funds, Bofill, Mir & Álvarez Jana’s 24-strong practice group has significant experience in structuring banking and finance transactions, which frequently involve complex cross-border issues. The practice’s typical work includes leveraged finance, real estate and project finance, and syndicated loans, along with corporate restructuring and insolvency, equity and debt offerings, and structured finance. José Antonio Velasco and Alejandro Álvarez advised Pacific Hydro Chile on the implementation of a new $500m global funding platform from an international consortium of banks, to provide financing across a portfolio of renewable energy assets. The team also counselled Bice Vida Compañía de Seguros (as lender) in a $51.5m real estate financing agreement with Sencorp and Sura Asset Management for a project in Santiago. Octavio Bofill and Ana María Yuri head the team and Rony Zimerman is also highly rated. Jorge Lembeye left to establish Lembeye & Cía.

Cariola Díez Pérez-Cotapos’s 12-strong practice is highly regarded for structuring financial transactions, (including tax law assistance), such as cross-border loans; project and acquisition finance, domestic corporate financings and specialised secured financings; and complex restructurings and derivatives and trade finance. The firm also fields lawyers with regulatory expertise and acts for a lender side-client roster that includes Rabobank, Santander, Banco BICE, Itaú Corpbanca, Scotiabank Chile, Sabadell, BNP Paribas, BCP and Bando de Crédito del Perú. Recent matters saw Rodrigo Sepúlveda lead advice to DNB Bank (Norway’s largest financial services group), as mandated lead arranger, original lender, issuing bank and agent, regarding a $30m super senior multi-currency revolving facility granted to Nova Austral. Other matters include acting for Canadian mining group Golder Associates (Enterra Holdings) and Chilean subsidiary Golder Associates, as borrowers and guarantors, in an amended and restated $226m credit agreement with a syndicated group of international banks. Francisco Illanes and Juan Antonio Parodi are additional names to note.

Guerrero Olivos’ 20-plus finance group (including six partners), acts for lender-side clients including BBVA, Banco Estado, Banco Security, Rabobank and Larraín Vial, which it advises on a full range of transactional matters, financial products and regulatory work, including corporate and project finance, collateral structures, loans, derivatives, securitisation and debt offerings. Senior counsel Miguel Coddou heads the banking and finance practice, which includes Roberto Guerrero V, Sebastián Yunge, Jorge Delpiano and Juan Enrique Allard.

Long well-reputed for finance matters, Larrain y Asociadoshas smart lawyers with deep knowledge of banking and finance’. The team’s experience includes syndicated loans as well as acquisition, structured and project finance; along with secured and insured bond issues (both local and international); aircraft financing and leasing and acting as counsel to banks in financing toll road concessionaires in Chile. Recent mandates saw the practice advised a syndicate of banks (comprising Banco del Estado de Chile, Banco Security, Banco Consorcio, Banco Bice, and Bice Vida Compañía de Seguros) in a $311m financing granted to Sociedad Concesionaria Valles del Bío Bío (controlled by Spanish group Sacyr). Department head Patricio Montes is a project finance expert ‘with deep knowledge’; and energy and natural resources specialist Jorge Granic, who has longstanding finance experience, is focused on the structuring and financing of complex industrial projects. Diego Garay P is a key associate.

Prieto’s practice group handles matters including domestic and international syndicated loan agreements (mostly on the debtor side), project finance, debt placements, and finance restructuring. It recently acted for Codelco-Chile in the negotiation and execution of the amending and restatement of a $300m loan agreement with credit agency Export Development Canada; and also assisted holding company SMU with a $500m follow-on issuance involving a public offering in Chile on the Chilean Stock Exchange and an international offering to qualified institutional buyers in the US and investors outside the US and Chile. Patricio Prieto L and Gerardo Cruzat are the principal practitioners, and well-regarded counsel Isabel Margarita Wolleter was recently appointed director of the firm’s capital markets practice group.

Providing high levels of service’, Urenda, Rencoret, Orrego y Dörr is well known for eqity and debt transactions, securities and derivatives, along with structured finance, securitisation, and regulatory support. The practice group is also active in project finance, particularly in the mining and energy sectors. Recent mandates include advising Minera Escondida, as borrower, on the drafting and negotiation of a $500m two-tranche syndicated loan with a group of four lender banks. It also assisted Nordic Trustee with the restructuring of guarantees, originally granted with a loan bond agreement; and advised Inmobiliaria Punta Piqueros on the restructuring of its current debt and the raising of new lines of credit with Bank ItaúCorpbanca, for the construction and operation of a five-star hotel. Managing partner Sergio Orrego and Nicholas Mocarquer are highly rated, as are Rodrigo de Alencar and recently promoted partner Felipe Rencoret. Raúl Gómez is a key senior associate.

Albagli Zaliasnik regularly assists with syndicated operations, project financing, debt restructuring, and debt capital placements. Other areas of strength include securitisation, derivatives and corporate finance. Recently promoted partner Cristián Riquelme led advice to Banco do Brasil, the largest banking institution in Brazil, on the negotiation and structuring of the debt refinancing of biotechnology company Abengoa Chile.

Alessandri & Compañía Abogados’ Fernando Jamarne specialises in business and financial transactions. His experience includes assisting with the privatisation process of water companies; and he is noted for public bids as well as bond issuances and syndicated loans.

Aninat Schwencke & Cia is particularly noted for its assistance to issuers and underwriters on capital markets deals; it also fields lawyers with significant experience in derivatives. Highlights include advising the Argentine subsidiary of Chilean state-owned oil and gas company Empresa Nacional Del Petróleo obtain a $80m loan from the Bank of Nova Scotia.Juan Pablo Schwencke is highly rated andFrancisco Prado is a director within the firm’s corporate law and capital markets department.

Baraona Fischer Spiess’ ‘highly professional team’ has been active, recently, in the structuring and financing of public works for hospital concessions in Chile. The firm also has robust practices in energy finance, structured finance and M&A finance, as well as banking regulation, derivatives, corporate financing, and capital markets. A team led by Raúl Marshall advised Itaú Corpbanca on a $190m financing to Global Vía Infrastructures Chile for the acquisition of the shares of Acciona Concesiones Ruta Ciento Sesenta, holder of a concession for public works related to Ruta 160. Max Spiess is an additional name to note.

Acting on behalf of debtors and lenders, CMS Carey & Allende specialises in complex transactions, including project finance, syndicated loans, debt restructuring, and the financing of international expansion plans. The practice advised Empresas AquaChile on refinancing its $280m debt with local and foreign banks, and also acted for Solarpack Corporación Tecnológica in the financing – granted by Banco BICE and Banco Consorcio – of three solar projects. Fernando de Cárcer, Jorge Allende D and the recently promoted Diego Rodríguez are all recommended advisers.

Acting for Chilean and international banks doing transactions in Chile, Garrigues Chile has been active in the capital markets, recently advising both issuers and underwriters on bond issuances in the international market. The team, which ‘provides a solid level of service, providing useful insights into the resolution of delicate issues’, also advises on project and acquisition finance, corporate lending, and debt restructuring. It advised the banks, as underwriters and bondholders’ representatives, on a $612m dual-currency project bond issued by Celeo Redes on the New York and Santiago stock markets. Department head Pedro García is ‘excellent and effectively leads legal teams’; principal associate Antonio Morales is also noted.

Grasty Quintana Majlis & Cia.’s ‘level of service is very good, including the team’s value for money’ and ‘the practice delivers a top-quality service with professionals that are fully engaged in their areas of expertise’. Its lawyers have expertise in the issuance of debt and capital, both privately and on the capital markets; syndicated and bilateral credit; and project finance. The team is also increasingly active advising start-up venture capital firms on their investment structures and financing. Recent mandates include advising Advanced Supply Chain International, as creditor, in a loan agreement with internet-based e-commerce platform services company Unilink Soluciones y Servicios. Juan Turner is ‘very professional, always available and has a very good understanding of business dynamics as well as solid knowledge’, and Franco Acchiardo is ‘impressive’.

In addition to a variety of financing matters, Honorato Delaveau advises major local and foreign companies and financial institutions on asset management, restructuring, portfolio securitisation and refinancing, as well as liquidation and bankruptcy matters. José Luis Honorato led advice to 3900 Bayviews (a subsidiary of real estate joint venture Alta Developers) on the negotiation and structuring of a $60m facility granted by BCI Miami and BCI Santiago. Securitisation specialist Gonzalo Delaveau, asset financing expert Sebastián Delpiano and real estate specialist Juan Ignacio Peña are all highly regarded.

Palma Abogados’ ‘answers always come with good levels of knowledge’. The firm’s practice includes syndicated and bilateral loans; corporate debt restructuring; and transactional and real estate finance. Other areas of note include bond issuances, energy projects, and project finance. The team advised Banco Bilbao Vizcaya Argentaria (Chile), as lender, on a $13.6m bilateral acquisition finance granted to Veta Orgánica for the acquisition of sanitary company, Ecobío. Juan Eduardo Palma C and Gabriel Palma C are the key practitioners.

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