Latin Finance - September/October 2014 - 4

NEWS
LOANS/PEOPLE

Pemex and América Móvil advance large deals, while a
financing for Gasoducto Sur Peruano keeps banks busy.
By Katie Llanos-Small and Karen Schwartz

Slowing energy
Several large loans moved
forward in July and August,
although the pipeline for new
transactions thinned.
Among the new projects
was a $1.5 billion loan to
Odebrecht Oil and Gas. The
borrower was understood to
be in discussions with a small
group of lenders in mid-August
for a $1.5 billion loan to finance
floating production, storage
and offloading units (FPSOs).
Financing for Gasoducto
Sur Peruano, a recently
awarded gas pipeline
concession, is also in the
planning stages. Banks are
heard to be in talks with
sponsors Odebrecht and
Enagas to find a suitable
structure for around $3.8
billion in financing to build and
operate the pipeline.
Also in the oil and gas sector,
Pemex is heard to be working
with a small group of banks
for a local currency loan. The
10-year amortizing loan deal
is heard to be 30 billion pesos
($2.28 billion).
The loan was launched
with a bank meeting in
Mexico at the end of July, with
commitments due in August.
Treasurer Rodolfo Campos
told LatinFinance the deal
is the country's first pesodenominated syndicated loan
arranged by and syndicated to
local banks.
The local syndicated loan
market offered "decent
conditions", he said: "There
is also a challenge we face

every time we think about our
financing strategy, which is
that we share the external debt
ceiling with the public sector.
That forces us to allocate an
important part of our financing
in the local market."
Also in Mexico, América
Móvil allocated a $2.5 billion,
five-year revolving credit
facility. Some 21 banks were
heard to take part, despite the
loan paying a skinny 45 basis
points over Libor.
BBVA, Bank of TokyoMitsubishi UFJ, Citi, Intesa
Sanpaolo and Santander were
bookrunners on the deal.
Techgen came to the
market in July with its eye on
an $800 million five-year loan,
while Empresa de Energia de
Bogotá (EEB) was out with a
$645 million transaction with
the same tenor.

Arbeleche resigns

Uruguay's director of debt
management, Azucena
Arbeleche, resigned in late
July for personal reasons.
She had overseen a series
of large-scale liability
management offers by the
sovereign in recent years,
bringing down the borrower's
cost of financing. Michael
Borchardt, who runs the
finance ministry's budget unit,
was tapped to take over on an
interim basis.
In Chile, state-run copper
miner Codelco named Nelson
Pizarro as chief executive.
He took over from Octavio

4 L ATINFINA NCE.COM - September/October 2014

Araneda Oses, who stepped
in on an interim basis in
June after the board called
for Thomas Keller to resign.
Pizarro had been chief
executive of Lumina Copper
Chile, a subsidiary of Japanese
company Pan Pacific Copper,
since 2006.
Also in Chile, copper cable
producer Invexans named
Martín Rodríguez Guiraldes
as chief executive in August,
following the resignation of
Cristián Montes Lahaye.
In Mexico, real estate trust
Fibra Uno hired Gerardo
Vargas as vice president
of finance. The firm's chief
financial officer, Javier
Elizalde, was appointed vice
president of treasury. Both
report to chief executive
André El Mann.
In investment banking,
three former Fitch analysts
launched an advisory firm to
guide Argentine companies
through raising capital in the
country. Quo Advisors is
targeting small and mediumsized Argentine companies
looking to raise funds amid a
period of spiraling inflation.
Ana Ares, Lorna Martin and
Dolores Terán, are founding
partners.
Bank of America-Merrill
Lynch hired Marcus

For daily updates on
the loan market, visit:
latinfinance.com

Silberman from Credit Suisse
as co-head of Latin America
M&A. Manuel Irarrazaval also
joined BofA-Merrill, to cover
the Southern Cone countries.
Irarrazaval's former
position as chief country
officer for Chile at Deutsche
Bank was filled by Andrés
de Goyeneche, who remains
chief executive and head of
capital markets and treasury
solutions (CMTS) for Chile.
UBS hired Marcos
Grodetzky as senior advisor
to its corporate client solutions
business in Brazil. Grodetzky
was most recently chief
executive at DGB, a logistics
and distribution company.
Sumitomo Mitsui added
to its loan syndications team
with the hire of Kristie
Pellecchia, who joined the
New York office in August as a
director, with a focus on Latin
America. Pellecchia was a Latin
America loan syndicator at
BNP Paribas until mid-2013,
when she moved to the French
bank's consumer products
team covering North American
clients.
Itaú, meanwhile, hired
Diego Vogelbaum from
JPMorgan in July to run loan
syndication and distribution
for the bank's businesses
outside Brazil. LF

LatinFinance's Daily Brief provides full
coverage of loans and people moves as
they happen. See latinfinance.com for
complete details
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Latin Finance - September/October 2014

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