Fernando Noriega
Partnerfnoriega@carey.cl
+56 2 2928 2216
Partner of Carey and co-head of the firm’s Banking and Finance / Capital Markets Groups. His practice is focused on banking law, lending transactions, project financing, as well as issuance of debt instruments, capital markets and foreign investment.
REPRESENTATIVE EXPERIENCE
- BNP Paribas and Crédit Agricole, as lenders, on a financing for up to USD289 million, for the construction, development and maintenance of a energy storage system (BESS), a project called "Bess del Desierto", a member of the Atlas Renewable Energy Group, with an installed capacity of 200MW, and a storage capacity of 800MWh, located in the Antofagasta Region of Chile.
- Caja Los Andes on the inaugural 144A/Reg S offering in the international markets of its USD300 million 7.00% Social Notes due 2029. BofA Securities, J.P. Morgan Securities, Santander US Capital Markets, and SMBC Nikko Securities America acted as initial purchasers.
- WOM, the second largest mobile telecommunications provider in Chile, and several of its related entities in Chile, Norway and Luxemburg, on its voluntary reorganization proceeding under Chapter 11 of the U.S. Bankruptcy Code, filed in the Bankruptcy Court for the District of Delaware, which included the negotiation and execution of a senior secured debtor-in-possession (DIP) financing, for up to USD210 million, granted by JPMorgan Chase Bank.
- KfW IPEX-Bank on the USD100 million bridge financing for the investment in energy transmission projects located in Chile, including the transmission lines Nueva Nirivilo-Constitución and Don Goyo-La Ruca as well as the transmission equipment projects Nuevo Equipo de Compensación Reactiva and Substation El Ruil. The borrower is Nirivilo Transmisora de Energía S.A., a Chilean subsidiary of the Spanish energy group Celeo Redes.
- HSBC, Citigroup, J.P. Morgan, BNP Paribas, BoFA Securities, Crédit Agricole, and Goldman Sachs, as initial purchasers, on Banco del Estado de Chile's Rule 144A/Reg S offering of its USD600 million, 7.95% perpetual notes.
- Codelco on the issuance and sale of securities for an aggregate of USD2 billion, under Rule 144A/Reg S of the United States, consisting in a new issuance of USD1.5 billion, with an interest rate of 6.44% and maturity in 2036, and the reopening of its existing notes for USD500 million, due in 2053, with an interest rate of 6.3%. This transaction included the participation of BofA Securities, Citigroup Global Markets, J.P. Morgan Securities and Santander US Capital Markets, as initial purchasers.
- Celeo Redes on the issuance and placement of USD1.1 billion Senior Secured Notes under Rule 144A/Reg. S of the U.S. Securities Act at a 4.550% interest and due 2051, by Alfa Desarrollo. The proceeds are intended for the acquisition of Colbún Transmisión.
- Celeo Redes regarding a bridge loan agreement granted by an important financial institution to APG Energy & Infra Investment Chile Expansion to finance the acquisition of 100% of Transmisora Eléctrica de Quillota.
- International Finance Corporation, as lender, on two loans for up to USD200 million each, granted to Banco BICE and Banco Santander, to finance housing loans, with a focus on housing loans for women.
- Lo Espejo Data Center, a subsidiary of Odata Chile, on a financing of up to USD140 million, granted by Sumitomo Mitsui Banking Corporation and MUFG Bank, for the development and construction of a data center of an approx. total capacity of up to 40 MW, located in Santiago. Additionally, on the financing of the VAT associated to such construction for up to USD25 million, granted by Banco BICE.
- Itaú Corpbanca on the restructuring of the debt of Inversiones Hoteleras Holding (IHH) with Itaú Corpbanca, in the context of the sale, by IHH, of all the outstanding shares in Inmobiliaria Cerro San Cristóbal (Hotel Sheraton) to Inversiones Hoteleras C y A (Grupo Alcázar).
- Sonnedix on a financing for up to USD120 million, granted by Sumitomo Mitsui Banking Corporation and DNB Bank, for the construction, development and operation of Meseta de los Andes, a 160MWp solar photovoltaic energy project, located in the Valparaíso region of Chile, and a transmission line of approx. 15.6 km., connecting said plant with the Los Maquis substation. Additionally, on a VAT Facility Agreement with Banco Security to finance the VAT associated with the construction of the project.
- Empresa de los Ferrocarriles del Estado (EFE) on its inaugural 144A/Reg S issuance of senior notes for USD500 million at a 3.068% interest due 2050.
AWARDS AND RECOGNITIONS
- Recognized in Banking and Finance, Chambers Latin America.
- Recognized in Banking and Finance, Legal 500.
- Recognized in Banking, IFLR1000.
- Recognized in Capital Markets, Best Lawyers.
- Recognized in Banking and Finance, Project Finance, and Fintech, Leaders League.
- Recognized in Banking, Leading Lawyers.
- Recognized in Banking and Finance, Top Ranked Legal.
ACTIVITIES AND MEMBERSHIPS
- Professor of the course "Financing Mechanisms for Construction Projects" of the Degree in Construction Law, Universidad de los Andes (2022).
- Professor of the course “Financing and Bankruptcy Reorganization: DIP Finance and Project Finance” of the Postgraduate Degree in Insolvency, Universidad del Desarrollo (2019-2021).
- Foreign Associate, White & Case, New York (2015-2016).
- Member of the Chilean Bar Association.
PUBLICATIONS
- Co-author of the Chilean chapter in Latam Fintech Regulation, Lloreda-Camacho (2019 and 2023).
- Co-author of the Chilean chapter in Global Legal Insights - Banking Regulation, Global Legal Group (2020-2023).
- Co-author of the Chilean chapter in ICLG - Lending & Secured Finance, Global Legal Group (2020-2024).
- Co-author of the chapters on the regulators of the Chilean financial sector: the Financial Market Commission, Superintendency of Pensions and Central Bank, Latin Lawyer Regulators (2020-2021).
- Co-author of the Chilean chapter in Global Legal Insights - Banking and Finance, Global Legal Group (2020).
- Co-author of the article "Chilean Banking Law Reform: Three Key Aspects", Financier Worldwide (2018).
- Author of the book "National Doctrine and Case Law on Medical Mal-Practice" (2011).
EDUCATION
- Law, Universidad de Chile (Summa Cum Laude).
- LL.M., Banking Law and Financial Regulation, London School of Economics and Political Science (LSE) (2015).
ADMISSIONS
- Chile (2010).
LANGUAGES
- Spanish.
- English.
