Arnold & Porter Advises CEL and Republic of El Salvador in US$580M Notes Offering

Arnold & Porter recently advised the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL) in connection with a US$580 million offering of its 8.650% Notes due 2033. CEL is a public autonomous entity of the Republic of El Salvador, which guaranteed the notes. The notes were also listed on the Luxembourg Stock Exchange.

Of the proceeds, CEL will use US$500 million to refinance its debt and US$80 million to establish the Fondo de Mitigacion del Sector de Energia to stabilize electricity rates.

The Arnold & Porter team was led by counsel Arturo Caraballo, partner Whitney Debevoise and senior associate Valentina Garzon. Partner David Sausen and associate Lauren Olaya provided tax advice.*

*Ivan Serralde Loyzaga, a visiting attorney from Mexico, also assisted the team with aspects of the transaction. Mr. Serralde is admitted to practice law only in Mexico. He is not engaged in the practice of law in any U.S. jurisdiction.