Norton Rose Fulbright named among winners for LatinFinance’s Structured Financing Deal of Year

Global Press release - Business February 11, 2020

A Rule 144A/Reg S bond offering for the concessionaire of Line 2 of the Lima, Peru, subway system on which Norton Rose Fulbright served as counsel to Goldman Sachs and J.P. Morgan recently won LatinFinance's Structured Financing Deal of the Year.

A cross-border team of Norton Rose Fulbright lawyers advised the investment banks that underwrote US$563 million in bonds that will partly finance the expansion of the subway system in Lima.

LatinFinance editors selected winners of its 2019 Deals of the Year awards based on a deal's size, complexity, innovative elements, market significance and execution. The editors also consulted extensively with a range of industry experts.

The team represented Goldman Sachs and J.P. Morgan, global coordinators and joint bookrunners of the bonds sold by Lima Metro Line 2 Finance II Limited, the concessionaire for the subway line, known as Line 2 of the Lima public transit system's five-line project.

Goldman Sachs and J.P. Morgan sold the bonds to more than 80 buyers, including institutional investors, and the deal was seven times oversubscribed.

A portion of the 35-kilometer Line 2 is slated to open in 2021, with completion of the line not expected until 2024. The US$563 million in bonds will pay for only part of Line 2. Total construction costs are expected to reach US$4.5 billion.

The cross-border team was led by Daniel Spencer (Sao Paulo) and George Baptista (New York) and included Manny Rivera and Javier Felix (New York).