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Clifford Chance

31 WEST 52ND STREET, NEW YORK, NY 10019-6131, USA
Tel:
Work +1 212 878 8000
Fax:
Fax +1 212 878 8375
Email:
Web:
www.cliffordchance.com

Guido Liniado

Tel:
Work +12128783182
Email:
Clifford Chance LLP

Work Department

Banking & Finance, Banks, Hedge Funds, Infrastructure Investors, Power & Energy Networks, Rail, Renewables, Transportation Infrastructure

Position

Guido advises financial institutions, institutional investors, sponsors and corporate clients in a broad range of matters involving Latin America and the Caribbean, including project development and finance, project bonds, structured finance, credit enhancement, general lending and workouts. He has substantial experience in multi-source finance transactions in the energy and infrastructure sectors, particularly in Colombia and Argentina.


Latin America: International firms

Banking and finance

Within: Next Generation Partners

Guido Liniado - Clifford Chance

Within: Banking and finance

Clifford Chance has seen a further uptick in bulge-bracket financings across Latin America. With a growth in large-cap deals in Brazil, this has further favoured a firm that has an especially strong record in Latin America's largest economy. This should not detract from its experience elsewhere, as the firm 'does a very good job of covering the territory and has a strong fleet of Spanish speakers'. Syndicated loans and trade and commodities finance have been a particular feature of its Brazil work, while project finance is flourishing right across the region. The firm has built a particularly formidable position in Colombia and Argentina project financings and is recognised for its experience in restructurings in Brazil and Mexico, including in the offshore oil-and-gas sectors. From a historical reliance on multilateral agency (MLA) and development finance institution (DFI) clients, the firm has successfully diversified its client base to also include a range of key commercial banks, alternative lenders and corporate borrowers. Clients now include Citibank, Goldman Sachs, Morgan Stanley, UBS, CVC Capital Partners, Franklin Square Asset Management, Rialto Capital, Sealed Air and Siemens. It advised BNP Paribas, JP Morgan, Mizuho and Rabobank on the $9.2bn acquisition financing of Suzano Papel e Celulose's $11bn acquisition of Fibria; the financing involved a bridge loan facility and an export prepayment facility. The firm also advised Supercanal, the Argentine cable, television and internet provider, on its $400m restructuring involving Chapter 15 proceedings and a tender offer for its $300m New York law-governed notes. The team 'always meets its commitments and takes initiative more than any other firm to anticipate issues and provide solutions', according to one client.  Chris Willott is a giant of the Brazil financing market, while Jennifer Demarco has a prolific record in Latin American restructurings. Jay Gavigan is another big name in Latin American financings and restructurings, including acquisition finance, syndicated loans and project finance. In the latter segment, Washington DC's Fabricio Longhin has made a significant impression on the market in recent years and is 'a very experienced practitioner across a range of products', 'maintains an outwardly cool demeanour, seems unflappable and is smart and reasonable'; he is one of a number of Argentine natives in the team that have helped the firm gain an especially strong position in financings linked to Argentina's recent RenovAr programme. Catherine McCarthy and Lori Bean are key members of the Washington DC team that continues to work closely with MLAs and DFIs on Latin America financings. Guido Liniado was elected to the partnership in May 2019 and senior associate Andrew Young is another up-and-coming name. Madrid partner José Guardo is commended for 'effectively negotiating with sponsors', 'professionalism throughout difficult negotiations' and is 'critical in keeping the deal moving'.

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Projects and energy

Within: Next Generation Partners

Guido Liniado - Clifford Chance

Within: Projects and energy

Clifford Chance is unsurpassed in terms of its breadth of expertise and geographic coverage. It routinely captures market share in hot markets and is rarely left behind by competitors. Clients range from commercial banks and investment banks, to development finance institutions (DFIs), multilateral agencies (MLAs), institutional investors and sponsors and developers. It has also impressed by leveraging its extensive network, from Sao Paulo to New York, Washington DC, Madrid and beyond. Despite Argentina's recent economic woes, the firm continued to advise on a significant number of projects linked to the country's public-private partnerships (PPP) programme, especially on the lender side. Colombia, Peru and Paraguay have also been important markets, while Brazil is beginning to show promise for the team. The firm has continued to demonstrate leadership in private placement financings, notably those linked to wind farms in Peru. It continues to be at the forefront of project bonds in the region and has also further developed its standing in hybrid financing structures. Gianluca Bacchiocchi is 'the go to guy for many of the banks' on project bonds, and has impressed further in hybrid financings and PPPs in Argentina. Washington DC partner Fabricio Longhin continues to earn multiple accolades, derived in part from his leadership in Argentina and Colombia infrastructure projects, including road PPPs in the former, along with multi-source financings in Paraguay. Washington DC's Lori Ann Bean and Catherine McCarthy continue to be at the forefront of MLA and DFI financings in Latin America, while Madrid partner José Guardo is an increasingly prominent figure in Spanish-driven financings. New York's Guido Liniado  has been elevated to partner, while Washington DC's Alberto Haito and Jessica Springsteen are key names at associate level.

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United States: Finance

Project finance

Within: Next Generation Partners: Project finance

Guido Liniado - Clifford Chance

Within: Project finance

Clifford Chance stands out for its expertise in Latin American project finance mandates, acting for both lenders and sponsors. Fabricio Longhin and Gianluca Bacchiocchi, who is based in New York, advised the Government of Argentina on the structuring and documentation of its public-private partnerships program, launched in 2017 through the Undersecretariat of Public-Private Partnerships (UPPP). Bacchiocchi and New York-based Jonathan Zonis also advised Goldman Sachs and a group of Colombian lenders on the $708m multi-source and multi-currency financing for the 491km Ruta al Mar toll road project in Colombia. Elsewhere, senior counsel David Evans and New York-based David Brinton advised KEPCO and COPA in the acquisition of 235MW of solar generating assets in California; Lori Ann Bean is advising OPIC in connection with a $200m loan to be provided to Kipeto Energy to finance the development and construction of a 100MW wind power generation project in Kajiado, Kenya; and Catherine McCarthy, who is experienced in transport sector deals, advised the IDB Group, Proparco and DEG in relation to the financing of the Port of Posorja in Ecuador, sponsored by DP World. Guido Liniado in New York was promoted to partner in 2019, and senior associates Alberto Haito and Jessica Springsteen are also recommended. Named individuals are based in Washington DC unless otherwise stated.

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United States: Industry focus

Energy: renewable/alternative power

Within: Energy: renewable/alternative power

Clifford Chance has energy-sector expertise in finance, capital markets, corporate transactions and M&A, with a focus on the Latin American market. Key figures in the team include Washington DC-based Fabricio Longhin, New York-based David Brinton, who leads the Americas corporate practice and Lori Bean, who is instructed by multilateral and development finance institutions in Washington DC. Longhin and the New York-based senior associate Guido Liniado acted for various entities of the Albanesi Group, as borrowers, in the financing of the 133MW Arroyo Seco cogeneration plant and the refinancing of 170MW TimbĂșes cogeneration plant in Argentina, which involved the execution of a dual-tranche $395m credit agreement. Also in the New York office, Hugo Triaca joined the team from Skadden, Arps, Slate, Meagher & Flom LLP, and Thais Garcia was promoted to partner.

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