Morales & Besa advised Citigroup Global Markets Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc. and SMBC Nikko, as initial purchasers, in the issuance and placement of Empresa Nacional del Petróleo (ENAP) 6.150% bonds due 2033, under Rule 144A and Regulation S of the Securities Act of 1933 of the United States of America.
This operation was carried out in conjunction with the launch of a tender offer for ENAP's international bonds maturing in 2024.
The Chilean state-owned company engaged in the exploration, development and production of oil, natural gas and liquefied gas, among others, raised US$500 million with the operation and repurchased and redeemed early its existing debt maturing in 2024. The remaining proceeds will be used for general corporate purposes.
The Morales & Besa team consisted of partners José Miguel Carvajal, Andrea Díaz and Santiago Martínez, together with associates Gonzalo Pereira, María Francisca Bannura, Abel Flores, María Luisa Portales, Lucia Bobadilla and Ignacio Quinteros.