Guido Liniado

Guido Liniado advises a range of clients in a variety of innovative cross-border financing and other transactional matters, primarily involving Latin America and the Caribbean.

Mr. Liniado represents banks, institutional investors, development finance institutions, sponsors, and corporates in:

• Project bonds
• Project finance
• Multi-source finance
• Securitization and other structured finance
• Acquisition, leveraged, and other corporate finance
• Other transactional matters

He regularly handles senior and subordinated debt, bridge facilities, revolving facilities, mezzanine facilities, L/C facilities, ABL, receivable purchase facilities, credit enhancement, intercreditor arrangements, and security matters.

Mr. Liniado has extensive experience on transportation infrastructure and renewable and conventional power projects under various concession frameworks, including advising governmental entities on PPPs.

Project Finance, Project Bonds, and Multi-source Finance

Mr. Liniado’s experience includes advising on ten ground-breaking multi-source, project bond, and project loan financings and refinancings for toll roads in Colombia, including:

• Rumichaca-Pasto
  • Representing Goldman Sachs and JP Morgan, as joint global coordinators, joint bookrunners, and initial purchasers, and MUFG, SMBC, Societe Generale, CACIB, Siemens Financial Services, FDN, Bancolombia and Banco Davivienda, as lenders, letter of credit issuers, and/or hedge providers in the largest-ever financing for a toll road in Colombia, the first to include a project-level letter of credit facility, the first project bond investment by the IDB Group in Latin America
• Rio Magdalena 2
  • Representing Goldman Sachs, as sole global coordinator, initial purchaser and commitment provider, Banco Santander, as arranger and commitment provider, and SMBC, CACIB, ICO, BCP, Siemens Financial Services, Bancolombia, FDN and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I, as lenders, in the first multi-source financing for a toll road in Colombia to combine UVR-indexed notes, international loans, local loans, and interest rate and currency hedges (Americas Transport Deal of the Year by Project Finance International; Latin America Road Deal of the Year by Proximo)

• Puerta de Hierro
  • Representing Banco Santander and BTG as joint bookrunners and initial purchasers, and Banco Santander, as social bond structuring agent, in the inaugural DFC-guaranteed project bond in Latin America and the first social bond for an infrastructure project in Latin America (Local Currency Financing of the Year award by LatinFinance)
• Mar 2
  • Representing a consortium led by China Harbour Engineering Company Limited (CHEC) in the first private investment by a Chinese company in a 4G toll road*
• Ruta al Mar
  • Representing Goldman Sachs, as sole global coordinator, initial purchaser, commitment provider and hedge provider, and FDN, Bancolombia and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I, as lenders, in the first private initiative and traffic risk toll road to be financed in Colombia (Transport Deal of the Year by IJGlobal)*
• Alto Magdalena
  • Representing SMBC, MUFG, Banco de Bogota, Fondo de Capital Privado Deuda Infraestructura Colombia, Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I and FDN, as lenders, in the first international refinancing of a 4G toll road*
  • Representing Goldman Sachs, as arranger and commitment provider, and CABEI, Banco de Bogota, Banco de Occidente, Banco AV Villas and Banco Popular, as lenders, in the multi-currency project financing (Best Local Currency Financing by LatinFinance)*
• Costera
  • Representing Bancolombia, Banco de Bogota, Banco de Occidente and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I, as senior lenders, in the acquisition by ISA in the first M&A for a 4G project
  • Representing Goldman Sachs, as sole global coordinator, initial purchaser, commitment provider and hedge provider, Scotia Capital, as co-manager, and Bancolombia, Banco de Bogota, Banco de Occidente and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I, as senior lenders, in the multi-source and multi-currency bank/bond financing*
• Pacifico 3
  • Representing Goldman Sachs, as global coordinator, initial purchaser, commitment provider and hedge provider, and Bancolombia, Itau Corpbanca, and Compartimento A del fondo de capital privado FCP Deuda Infraestructura II Sura - Credicorp Capital, as senior lenders, in the first-ever project bond in Colombia (Latin American P3 Deal of the Year 2016 by Project Finance International; Project Finance Deal of the Year 2016 by Latin Lawyer Magazine; Best Road Financing and Best Infrastructure Financing 2016 – Andes by LatinFinance)*

Mr. Liniado’s experience also includes advising:

• HSBC Asset Management, as investor for its managed accounts, in the financing to InterEnergy’s project subsidiaries in the first 4(a)(2) private placement for a portfolio of renewable assets under Chile’s distributed generation PMGD regime
• Grupo Terra, as sponsor, and Transmision de Electricidad, as borrower, in the project financing and dividend recapitalization by DEG, FMO, and Proparco, as lenders, for the Las Cumbres wind farm and transmission line in Guatemala*
• Albanesi in the US$395 million financing for the development of the 133MW Arroyo Seco cogeneration power plant and the refinancing of the 170MW Timbúes cogeneration power plant in Argentina*
• Bancolombia and a group of other Colombian and Central American banks in the US$465 million financing, accordion and refinancing for the development of four hydro projects with a combined capacity of 246 MW sponsored by Renace in Guatemala*
• BNP Paribas, as arranger and placement agent, in the multi-source US$1 billion financing for the 306 MW Reventazon hydroelectric project in Costa Rica, which included a “B bond” and bank loans made by IDB, IFC, and a syndicate of local banks (Best Infrastructure Financing – Central America by LatinFinance Awards)*

Securitization and Structured Finance

Mr. Liniado’s experience includes advising on more than ten transactions involving the securitization of government receivables tied to infrastructure and energy assets, including:

• Rutas 2 y 7
  • Representing Goldman Sachs, as global coordinator and joint bookrunner, and Itau BBA, as joint bookrunner, in the US$657 securitization of PDIs to finance the first toll road awarded under the PPP scheme in Paraguay, the largest-ever private investment in Paraguayan infrastructure. The transaction also included the first letters of credit issued by the IDB Group to support advances under the bond to fund working capital (Latin America PPP Deal of the Year by Proximo; Infrastructure Financing of the Year, Southern Cone by LatinFinance)
• Costanera
  • Representing Itau BBA, as structurer and investor, and KfW and MetLife, as investors, in the US$130 million securitization via 4(a)(2) private placement of CROPs to finance the construction of the Avenida Costanera in Asunción, Paraguay
• Lima Metro Line 1
  • Representing Mizuho, as global coordinator and joint bookrunner, and SMBC, as joint bookrunner, in the US$273 million securitization of CPAOs for the Lima Metro Line 1 Expansion in Peru*
• Bioceanico
  • Representing UBS, as sole bookrunner, initial purchaser and commitment provider, in the US$732 million first-ever securitization of CROPs to finance the construction of the Loma Plata – Carmelo Peralta segment of the Corredor Bioceanico road in Paraguay (Bond of the Year by LatinFinance)*
• Panama Metro Line 2
  • Representing UBS, as sole bookrunner, initial purchaser and commitment provider, in the US$619 million securitization of CDNOs to finance the development of the integral rail system of Panama City Metro line 2, which involved the first issuance of CDNO-backed project bonds in Panama*
• Argentina PPP toll roads
  • Advising the Ministry of Finance of Argentina (acting under the institutional umbrella of the IDB Group) on the design, structuring and implementation of the multi-billion PPP program*
  • Representing the global coordinators, bookrunners, and initial purchasers in all six attempted securitizations of TPIs to finance the following projects in Argentina:
    • Corredor Vial Nacional A - acting for Goldman Sachs and JP Morgan
    • Corredor Vial Nacional B - acting for Mizuho and HSBC
    • Corredor Vial Nacional C - acting for Nomura
    • Corredor Vial Nacional E - acting for Goldman Sachs, Citi, UBS, and Bank of America
    • Corredor Vial Nacional F - acting for Goldman Sachs, Citi, UBS, and Bank of America
    • Corredor Vial Nacional Sur - acting for Goldman Sachs and Itau

Mr. Liniado’s experience also includes advising:

• Goldman Sachs, as sole global coordinator, bookrunner, initial purchaser and commitment provider, in the US$489 million zero coupon note offering by Chile Electricity PEC to finance the purchase from AES Gener, Enel Green Power, Engie, Colbun, and certain of their affiliates of electricity tariff receivables originating under the Chilean Tariff Stabilization Law (Bond of the Year by LatinFinance)
• Several entities of the Mexican Grupo R conglomerate in a secured sale and leaseback financing of the Cantarell III jack-up rig with Fels Asset Co 2, an affiliate of the Singaporean Keppel Corporation*

Acquisition, Leveraged, and other Corporate Finance

Mr. Liniado’s experience includes advising:

• Vitol and its project company, in a financing for the acquisition of the concession granted by the Government of Colombia to provide and operate 120 electric buses for the Integrated Public Transportation System of Bogota
• CDPQ and Moneda, as investors, in AA2000’s exchange offer, consent solicitation and US$126 million issuance of notes in two concurrent debt offerings out of Argentina
• Telefónica, in the multi-tranche financing for the acquisition by KKR of a majority stake in ColTel's fiber optic infrastructure business in Colombia
• Telefonica, in the multi-tranche financing for the acquisition by KKR of a majority stake in Telefónica Chile’s fiber optic infrastructure business (Private Equity Deal of the Year by Latin Finance)
• BNP Paribas, Bank of America, JP Morgan, and Santander, as arrangers and lenders, on the US$320 million senior unsecured term financing to ColTel, and BBVA, BNP Paribas, BofA, JP Morgan, and Santander, as initial purchasers, on the issuance by ColTel of US$500 million senior notes*
• JP Morgan and Scotiabank, as joint bookrunners, lead arrangers, lenders, and initial purchasers, on the US$80 million bridge financing to TermoCandelaria Power, and its subsequent US$186 million notes reopening out of Colombia*
• A Peruvian asset manager and its funds on a multi-closing 4(a)(2) private placement of PIK notes structured to coexist with debt-like preferred shares and pari passu debt*
• Bancolombia, as arranger and lender, on the US$130 million financing for the acquisition by Putney Capital Management and Darby Private Equity of a significant indirect stake in EGE Haina, the largest energy generator in the Dominican Republic*

*Matter handled prior to joining Latham

• Our Dedicated Latin America Practice -  February 01, 2022
• Chile Transmission Line Mega-Project Up for Auction -  March 26, 2021