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McV acted as counsel for the underwriters in the public offering of $1.4 billion Government Development Bank for Puerto Rico, Senior Notes, 2011 Series H, which closed on December 28, 2011. The lead underwriter in this transaction was Santander Securities LLC. The notes are general, unsecured, senior obligations of Government Development Bank, which principal function is to act as fiscal agent, financial advisor and lender to the Commonwealth and its agencies, municipalities, public corporations and other instrumentalities.
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A multi-disciplinary team of McConnell Valdés attorneys participated in the financing of the largest renewable energy project in Puerto Rico and the Caribbean which closed on October 6, 2011. Pattern Energy's wind project, known as "Finca de Viento Santa Isabel," will sell enough electricity to the Puerto Rico Electric Power Authority under a long term contract to supply approximately 25,000 homes. The project will co-exist with agricultural activities in the area and its construction will begin almost immediately.
- Acted as counsel for the underwriter in the public offering of $295,000,000 Government Development Bank for Puerto Rico, Senior Notes, 2011 Series D, which closed on October 5, 2011. The notes are general, unsecured, senior obligations of Government Development Bank. Government Development Bank is a public instrumentality of the Commonwealth of Puerto Rico. Its principal function is to act as fiscal agent, financial advisor and lender to the Commonwealth and its agencies, municipalities, public corporations and other instrumentalities. As fiscal agent and financial advisor, it acts as advisor to the Commonwealth and its instrumentalities in connection with all their borrowings.
- McConnell Valdés recognized as Puerto Rico's Tax Disputes Firm of the Year by International Tax Review, a leading publication dedicated to international tax matters. In addition to being named Puerto Rico Tax Disputes Firm of the Year, McConnell Valdés was short-listed for Puerto Rico Tax Firm of the Year. The awards ceremony took place in New York City on September 27, 2011. This is the first time that Puerto Rico tax firms are nominated by International Tax Review, whose editorial staff judges nominees through an analysis of representative work, interviews with tax directors and peer interviews.
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McConnell Valds acted as Puerto Rico counsel to Autopistas Metropolitanas de Puerto Rico, LLC ("Metropistas"), a consortium comprised of Abertis Infraestructuras and Goldman Sachs Infrastructure Partners, which was awarded a concession to operate and maintain two major toll roads in Puerto Rico, i.e., PR-5 and PR-22 (the "Toll Roads"). This is the first public-private partnership project of this type under the Puerto Rico Public Private Partnerships Act of 2009.
On June 27, 2011, Metropistas and the Puerto Rico Highways and Transportation Authority ("PRHTA") executed the concession agreement for the Toll Roads and, on September 22, 2011, the parties successfully completed the financial closing. As a result of this transaction, PRHTA received a lump-sum payment of $1.136 billion and a commitment to invest $600 million in the maintenance and rehabilitation of the Toll Roads over the 40-year term of the concession.
Our Corporate, Land Use, Real Estate and Tax teams for this transaction included capital members Samuel Csdepes-Sabater, Salvador Casellas and Roberto L. Cabaas, income members Laura Vlez and Carlos Lamoutte, counsel Jos Nadal, and associates Magda Boyles, Karina Camacho, Ricardo Garca and Alba I. Joubert Pereira.
- McConnell Valds shortlisted by Chambers and Partners as 2011 Puerto Rico Law Firm of the Year. This award honors outstanding firms on the basis of research carried out for the latest edition of Chambers Latin America. It also reflects notable achievements over the past 12 months including outstanding work, impressive strategic growth and excellence in client service.
- Carlos Fernandez Lugo, Chairman of the Environmental, Energy and Land Use Practice Group, has been appointed as the Lex Mundi Latin America/Caribbean Regional Vice Chair for the Environmental Practice Group.
- We acted as counsel for the underwriters in the $650 million Government Development Bank for Puerto Rico, 2011 Series B (Taxable), public offering of senior notes, which closed on May 26, 2011. The notes are general, unsecured, senior obligations of Government Development Bank. This is the first taxable senior notes issue by Government Development Bank in the United States and abroad.
Government Development Bank is a public instrumentality of the Commonwealth of Puerto Rico. Its principal function is to act as fiscal agent, financial advisor and lender to the Commonwealth and its agencies, municipalities, public corporations and other instrumentalities. As fiscal agent and financial advisor, it acts as advisor to the Commonwealth and its instrumentalities in connection with all their borrowings.
Our corporate team for this transaction included capital members Iván G. Marrero and Juan Carlos Méndez, and associates Magda M. Boyles and Hugh González-Robison. - Carlos Fernandez Lugo, Chairman of the Environmental, Energy and Land Use Practice Group was one of the speakers at the IV International Conference of CIEMADeS, the International Center for Environmental Studies and Sustainable Development held in Puerto Rico from May 5 thru the 7th.
Our corporate team for this transaction included capital member Iván G. Marrero and associate Hugh González-Robison.
