Macfarlanes advises on restructuring of project bonds issued by Deltafotovoltaica Issuer S.A.

26 January 2016

Macfarlanes has advised the bondholders, consisting of six banks, on the restructuring of bonds issued by Deltafotovoltaica Issuer S.A. to finance solar power plants located in Spain, which were constructed in 2007 pursuant to the original financing.

The restructuring took over a year to achieve as terms were agreed with a number of commercial parties, including the bondholders, Abastecimientos Energeticos S.L.U as sponsor and a large investor group. The transaction called upon our infrastructure and capital markets expertise as well as restructuring knowledge. Macfarlanes provided an integrated team, advising the bondholders on specialist banking, tax and derivatives issues.

The Macfarlanes team was led by structured finance and capital markets partner Richard Fletcher, with input from restructuring partner Jat Bains, derivatives partner Will Sykes and tax senior counsel Hilary Barclay.  The finance team was assisted by senior solicitor Paul Keddie, solicitor Norah Ali, solicitor Pooja Jain, tax senior solicitor Elizabeth Wilson and derivatives solicitor Jenny Warren. Macfarlanes worked closely with Gomez-Acebo & Pombo on the Spanish elements of this complex transaction and FTI Consulting LLP, who acted as financial and technical advisers to the bondholders.

Richard Fletcher commented: "We are happy to have supported the bondholders on the successful refinancing of this multi-faceted project. We were also pleased to have worked alongside Gomez-Acebo & Pombo to provide a unified service to the bondholders."