Chadbourne Represents Duke Energy in $100 Million Bond Financing in Peru
December 2, 2003
Chadbourne & Parke LLP recently represented Duke Energy in a $100 million dollar denominated unsecured bond financing in the Peruvian capital markets. The deal closed on November 6, 2003.
The issuer, Duke Energy International Egenor, is a Peruvian subsidiary of Duke Capital. The issuer operates hydroelectric and thermal power plants in northern Peru and is dedicated to the generation and sale of electricity.
The first issuance of the bond program was for $40 million and was used to refinance a bridge loan facility that Duke Energy International Egenor had. Chadbourne worked on the bridge loan facility as well. The remaining amount of the bond program may be issued over a term of two years and may be used for the issuer’s corporate financing needs.
The bonds have a five-year maturity date and received a rating of AAA from two Peruvian rating agencies.
Chadbourne Partner Rohit Chaudhry of the Firm’s Washington, DC office, represented Duke Energy, with assistance from visiting attorney Micaela Garcia-Ribeyro.