Latham & Watkins Advises IEnova on Inaugural International Bond Offering

Latham & Watkins advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), the largest private-sector energy company in Mexico, in its debut offering on the international debt capital markets. The US$840 million dual-tranche sale, which closed on December 14, 2017, consisted of US$300 million in 3.750% 10-year notes and US$540 million in 4.875% 30-year notes. The notes received investment grade ratings from Standard & Poor’s, Moody’s, and Fitch, and obtained among the lowest-ever 10- and 30-year coupons for US dollar-denominated bonds issued by a Mexican corporate. IEnova intends to use the proceeds of the offering to repay outstanding debt and for general corporate purposes.

Latham also advised IEnova on its US$1.6 billion follow-on equity offering, the largest equity offering in Latin America in 2016, and on its US$598 million global initial public offering in 2013, the first IPO and listing on the Mexican Stock Exchange by an energy company.

To date, the IEnova offering brings the total amount of global debt capital markets transactions in which Latham served as counsel since January 1, 2017, to 387 deals representing more than US$347 billion in proceeds, and the total amount of oil and gas capital markets transactions in which Latham served as counsel over the same period to 108 deals worth more than US$71 billion.

Partners Roderick Branch and Michael Sullivan, both members of the firm’s Latin America Practice, led the Latham team that advised IEnova on the offering.