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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
Tel:
Work +41 58 261 50 00
Fax:
Fax +41 58 261 50 01
Email:
Web:
www.baerkarrer.ch
Geneva, Lugano, Zug, Zurich

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Bär & Karrer Advises on the Financing of the Largest Thermoelectric Plant in Latin America

May 2018

Centrais Elétricas de Sergipe S.A. (CELSE) has successfully issued bonds for approx. USD 1 billion equivalent in local currency at a fixed, long-term rate in international capital markets. The innovative bond issue is guaranteed by the Swiss Export Risk Insurance (SERV), the export credit agency of Switzerland. The bonds are part of a financial package to finance the development, design, construction, operation and maintenance of a thermoelectric power plant by CELSE in the state of Sergipe in the northeast region of Brazil. Besides the bond issue for approx. USD 1 billion, the transaction includes a USD 200 million loan from the International Finance Corporation and a financial package of the Inter-American Development Bank in the amount of approx. USD 300 million. Once operational expected for in 2020, CELSE will sell electricity to 26 distribution companies in Brazil, becoming the largest and most efficient thermoelectric plant in Latin America and the Caribbean.

Bär & Karrer acted as Swiss legal counsel to Goldman Sachs & Co. LLC (acting as arranger) and Credit Suisse AG (acting as policyholder agent) with regard to the transaction. The team included Peter Hsu, Sandro Fehlmann, Martin Peyer and Audrey Benzow (all Banking & Insurance/M&A) as well as Christoph Suter (Tax). White & Case LL.P. acted as international counsel and Machado Meyer Sendacz e Opice Advogados acted as Brazilian counsel with regard to the bond issuance.

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