Glenfarne Group, Partners Group on clients' behalf unveil US$1.76 billion debt raise

KUALA LUMPUR, Dec 11 -- EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., (the Issuers) will issue US$710 million 5.375 per cent senior secured notes (the Notes) on Dec 17, pursuant to a Rule 144A/Regulation S transaction. (US$1 = RM4.053)

The Notes mature in 2030 and pay an interest rate of 5.375 per cent. The Issuers are indirect subsidiaries of EnfraGen LLC (EnfraGen), a developer, owner, and operator of grid stability and renewable energy infrastructure businesses in Latin America.

The primary use of proceeds from the Notes, combined with a pari passu US$1.05 billion bank debt package for a total of US$1.76 billion, will be to refinance the Issuers’ existing debt portfolio and fully fund near-term growth projects as part of EnfraGen’s broader strategy to fund multiple growth initiatives and optimise its capital structure. EnfraGen Chief Executive Officer and Glenfarne Group Founding Managing Partner, Brendan Duval said: “We expect to use this enhanced access to capital to further scale the business across our key markets in Latin America where we see significant growth potential.” JP Morgan and Scotiabank acted as global coordinators with BNP Paribas, Intesa Sanpaolo, Mizuho, MUFG, SMBC, and Société Générale as joint bookrunners. Paul Hastings acted as legal adviser for EnfraGen, and Milbank represented the financial institutions. Formed in 2015, EnfraGen has grown to become one of the leading businesses in Latin America focusing on grid stability and value-added renewable assets that support the energy transition process, according to a statement.

EnfraGen is jointly controlled by Glenfarne Group LLC and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.4 GW of installed capacity. -- BERNAMA