Atlantica Yield plc (NASDAQ: AY), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, successfully closed its private placement of approximately $320 million (€290 million1) Green Senior Secured Notes in Euros.

Net proceeds have been primarily used to repay the 2017 Senior Secured Note Facility (“2017 NIFA”).

The Green Private Placement has a 6-year tenor and bears a coupon of 1.96% per annum, payable on a quarterly basis. With the closing of this transaction, Atlantica strengthens its financial position and achieves cost improvements, including: an expected cost improvement of ~$10 million2 per annum starting in 2021; Approximately 3-years average tenor extension compared with 2017 NIFA; and a natural hedge for Cash Available for Distribution generated in Euros.

Notes was subscribed by a group of institutional investors including Voya Retirement Insurance and Annuity Company, Security Life of Denver Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Venerable Insurance and Annuity Company, BPCE VIE, Helaba Invest Kapitalanlagegesellschaft mbH, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY, Athene Annuity & Life Company, Athene Annuity & Life Assurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, Symetra Life Insurance Company, Pacific Life Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company and Novo Banco.

Atlantica Yield plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA.

In Perù, Miranda & Amado advised Atlantica Yield plc with José Miguel Puiggros and Rafael Santín López Torres. In Spain, Garrigues advised Atlantica Yield plc with Xabier Urtiaga.

In Mexico, Santamarina y Steta advised Atlantica Yield plc with Juan Carlos Machorro, Ricardo Orea Montaño, Margarita Casarín and Andrés Remis. In US and UK, Skadden advised Atlantica Yield plc with Alejandro González Lazzeri, Marco Eugenio Ferrario, Alejandro Ascencio, Claire Consoli and Brendan Macreadie.

In Mexico, Galicia Abogados advised Voya Retirement Insurance and Annuity Company, Security Life of Denver Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Venerable Insurance and Annuity Company, BPCE VIE, Helaba Invest Kapitalanlagegesellschaft mbH, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY, Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, Symetra Life Insurance Company, Pacific Life Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company and Novo Banco, S.A. with Guillermo Pérez Santiago and Lili Abascal.

In Perù, Rubio Leguía Normand advised the investors with Carlos Arata and Sheerley Grease Cárdenas.  In US, Greenberg Traurig advised the investors with Charles Kolin, Michael Robson and Cristopher Lapp.

Source Global Legal Chronicle

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