White & Case advises Kallpa Generación on notes issuance, tender offer and construction loan facility

Global law firm White & Case LLP has advised Kallpa Generación S.A. on its issuance of US$500 million aggregate principal amount of 5.875% senior notes due 2032 and a corresponding tender offer for Kallpa's existing 4.875% senior notes due 2026. The successful issuance of the new notes included pricing the notes at the lowest spread over the Peruvian sovereign rate for an international corporate bond by a Peruvian company. The proceeds of the new notes will be used, in part, to fund a portion of the construction of Kallpa's new Sunny solar project, a 309MW plant in Arequipa, Peru.

White & Case also represented Kallpa on an up to US$130 million construction loan facility to refinance short term indebtedness incurred by Kallpa for the Sunny solar project and to fund construction of the Sunny solar project. The borrowings under the construction loan facility were repaid with the proceeds of the new notes.

Kallpa is a private company controlled by I Squared Capital and is dedicated to energy generation, with a portfolio of 2,135 MWs of generation capacity, contributing significantly to the security of supply and reliability of the electrical system. It operates a portfolio of hydroelectric generation and efficient combined cycles based on natural gas, as well as a solar renewable energy project under construction, which ensure continuous, reliable and environmentally friendly sources of electricity.

The White & Case team was led by partners Andrew Weisberg (New York) and Carlos Viana, and included counsel Ana Maria Arias (both in Miami), and associates Brian Munsie and Heidi Ahmed (both in New York) and Joselyn Gonzalez-Castillo (Miami).

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