The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon

Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
Tel:
Work +41 58 261 50 00
Fax:
Fax 0041582635393
Email:
Web:
www.baerkarrer.ch
Geneva, Lugano, Zug, Zurich

Show all Press releases

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.

Legal Developments by:
Bär & Karrer Ltd.

  • Bär & Karrer Advised the Issuer in the Rights Offering of Cavotec SA

    On 10 January 2019, Cavotec SA completed a capital increase by way of a rights offering to its shareholders in the amount of approximately CHF 22.4 million. The Cavotec group, with its Swiss holding company listed on Nasdaq Stockholm, is a leading engineering group that designs and manufactures automated connection and electrification systems for ports, airports and industrial applications worldwide. 80.5% of the shareholders of Cavotec SA exercised their subscription rights in the rights offering. The remaining new shares not subscribed were allotted to investors who had subscribed for shares without subscription rights, pursuant to the allocation procedure described in the prospectus of 6 December 2018. The offer price was set at SEK 13 per share.
    - Bär & Karrer

Legal Developments in Switzerland

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to