B&E advised HSBC Bank USA, N.A. and BTG Pactual, as placement agents, in representing the bondholders in the negotiation and closing with Anpac SpA, as issuer, and its subsidiaries Hidroélectrica San Andrés SpA, Hidroeléctrica Dos Valles SpA, Hidroeléctrica Palacios SpA, Hidroeléctrica Roblería SpA, Los Padres Hidro SpA, El Agrio Hidro SpA, Hidroeléctrica Los Corrales SpA, Hidroeléctrica Punta del Viento SpA, Hidroeléctrica Piedras Negras SpA and Hidroeléctrica Don Eugenio SpA, each as guarantor, in connection with the issuance and sale of bonds.

In parallel, B&E advised HSBC Bank USA, N.A. in the negotiation of the repayment agreement and letters of credit with Anpac SpA, in order to finance certain reserve accounts; and Banco BTG Pactual Chile in the negotiation of the repayment agreements and letters of credit with Hidroeléctrica Dos Valles SpA and Hidroeléctrica Don Eugenio SpA, in order to guarantee the start-up of certain projects developed by such entities.

As part of the advice, B&E was involved in the legal due diligence of the ten hydroelectric projects located in Chile owned by the Guarantors, which included corporate, permitting, real estate, water rights, energy/interconnection, financing, intercompany loans and litigation/administrative processes, focusing on material and risky issues for the drafting of the transaction agreements.