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Oscar Stephens

Oscar Stephens represents issuers, borrowers, underwriters, arrangers, placement agents, investors and lenders in a wide variety of multi-currency financing transactions.

Oscar’s practice focuses on advising private corporations, financial institutions, sovereign and quasi-sovereign entities on bilateral and syndicated lending, private placements and capital markets deals with a cross-border component, particularly in Latin America. He has deep experience in structures involving debtors and assets located in, and revenues originated out of, Central and South America, in diverse transactions such as asset-backed securitizations, future flow structured finance, project bonds, project finance, acquisition finance and secured/leveraged finance. Oscar has relevant experience in the energy, oil & gas, renewables, banking, financial services, construction, manufacturing, shipping, mining, and food & beverage industries.

A native of Chile, Oscar conducts business in both English and Spanish and has broad experience in civil law jurisdictions throughout the Americas and legal structures used in non-recourse financing. Oscar’s bi-cultural background has allowed him to bridge differences and find common ground in complex transactions involving multiple jurisdictions.

Concentrations

  • Securitization and structured finance
  • Project finance, DFI, ECA, and sovereign wealth finance
  • Convertible debt offerings
  • Raising debt capital
  • Derivatives and structured products
  • Initial public offerings (IPOs)
  • Securities and financial regulatory advice
  • Company formation
  • Disclosure and reporting obligations
  • Distressed asset management, refinancing, and restructuring

Capabilities

Experience

  • Represented a syndicate of international financial institutions in the bidding process to finance the desalination of a plant in Chile, under a B.O.O.T. format, with an estimated cost of construction of $1.2 billion.°
  • Represented the initial purchasers in the offering by a Cayman Islands SPV of $370 million in notes in reliance of Rule 144A/Regulation S, secured principally by the payment rights under a service contract between a Brazilian mining company and a Uruguayan port operator.°
  • Represented the sponsor in the offering by co-issuers located in Chile and Spain of $450 million in notes in reliance of Rule 144A/Regulation S, secured principally by power generating assets, including renewables, located in Chile and Panama.°
  • Represented the sponsor in an aggregate $100 million financing deal to acquire power-generating assets in Chile.°
  • Represented the initial purchasers in the offering by a Mexican trust of $275 million in notes in reliance of Rule 144A/Regulation S, secured principally by the payment rights under a service contract between a Mexican oil company and a Mexican oil services contractor.°
  • Represented a Chilean financial institution with respect to New York law matters in a $300 million financing deal to acquire infrastructure assets located in Chile by a Canadian asset manager.°
  • Represented the sponsor in the offering and sale by a Cayman Islands SPV of $150 million in notes issued in reliance of Regulation S, secured principally by revenues of a toll road located in the Philippines, simultaneous with a tender offer and consent solicitation of the original series of notes secured by the same revenue stream.°
  • Represented the initial purchasers in two offerings and sale transactions by two Panamanian SPVs of an aggregate $1 billion in notes issued in reliance of Rule 144A/Regulation S, secured principally by revenues of two toll roads located in Panama.°
  • Represented the initial purchasers in the offering and sale by a Cayman SPV of $270 million in notes issued in reliance of Rule 144A/Regulation S, secured principally by the payment rights under a service contract between a Brazilian oil company and a Brazilian drillship operator.°
  • Represented the initial purchasers in the offering and sale by a Cayman Islands SPV of $160 million in notes issued in reliance of Rule 144A/Regulation S, secured principally by revenues of a toll road located in the Philippines.°
  • Represented the Republic of Ecuador in transactions involving the offering and issuance of the following series of notes in reliance of Rule 144A/Regulation S:°
    • $750 million of notes due by 2020, and subsequent reopening
    • $1 billion of notes due by 2022, and subsequent reopening
    • $1 billion of notes due by 2023, and subsequent reopening
    • $2 billion of notes due by 2024
    • $750 million of notes due by 2026, and subsequent reopening
    • $1 billion of notes due by 2027, and subsequent reopening
    • $2.5 billion of notes due by 2027
    • $3 billion of notes due by 2028
    • $1 billion of notes due by 2029
  • Represented a government-owned Ecuadorian oil and gas exploration company in the remarketing of $315 million in notes issued in reliance of Rule 144A/Regulation S, guaranteed by the Republic of Ecuador.°
  • Represented a Venezuelan oil company in the exchange and issuance under Rule 3(a)(9) of outstanding Rule 144A/Regulation S notes due 2017 for $3.3 billion of secured notes.°
  • Represented a Venezuelan oil company in transactions involving the offering and issuance of the following series of notes in reliance of Rule 144A/Regulation S:°
    • $3.7 billion of notes due by 2020
    • $2.4 billion of notes due by 2021
    • $3 billion of notes due by 2022
  • Represented a Chilean bank in the establishment of a Medium-Term Notes program listed with the Singapore Stock Exchange, in reliance of Regulation S, for up to an amount of $2 billion.°
  • Represented a Guatemalan bottling company in the offering and sale of S/67 million in notes issued in reliance of Regulation S, sold to Peruvian investors.°
  • Represented a Guatemalan bottling company in the offering and sale of $500 million in notes issued in reliance of Rule 144A/Regulation S, simultaneous with a tender offer of all outstanding notes.°
  • Represented a Salvadoran electricity distribution company in the offering and sale of $310 million in notes issued in reliance of Rule 144A/Regulation S, simultaneous with a tender offer of all outstanding notes.°
  • Represented a Guatemalan bank in two transactions involving the offering and sale of $500 million and $150 million in notes issued in reliance of Rule 144A/Regulation S.°
  • Represented a Guatemalan bottling company in two transactions involving the offering and sale of $200 million and $100 million in notes issued in reliance of Rule 144A/Regulation S.°
  • Represented a Nicaraguan bank in the establishment of its diversified payment rights securitization program, and its initial borrowing of $100 million from a group of investors.°
  • Represented an Ecuadorean bank in the establishment of its credit card voucher receivable securitization program, its initial borrowing of $100 million from a group of investors and a subsequent borrowing of $75 million from a group of investors.°
  • Represented a Salvadoran bank in the establishment of its diversified payment rights securitization program, its initial borrowing of $100 million from a group of investors and a subsequent borrowing of $150 million from a group of investors.°
  • Represented a Brazilian bank in multiple issuance of notes of its diversified payment rights securitization program, for an aggregate amount of $600 million, sold to accredited investors in private placements in reliance of Section 4(a)(2)/Regulation S.°
  • Represented a group of accredited investors in connection with the establishment of a Costa Rican bank’s diversified payment rights securitization program, and the initial issuance of $150 million of notes in a private placement in reliance of Section 4(a)(2)/Regulation S.°
  • Represented a Jamaican bank in the establishment of its credit card voucher receivable securitization program, and its initial issuance of $150 million of notes to a group of investors in a private placement in reliance of Section 4(a)(2)/Regulation S.°
  • Represented a group of accredited investors in connection with the issuance of $250 million of notes of a Panamanian bank’s diversified payment rights securitization program, in a private placement in reliance of Section 4(a)(2)/Regulation S.°
  • Represented a Guatemalan bank in multiple issuance of notes of its diversified payment rights securitization program, for an aggregate amount of $350 million, sold to accredited investors in private placements in reliance of Section 4(a)(2)/Regulation S.°
  • Represented a Salvadoran bank in the establishment of its diversified payment rights securitization program, and its initial borrowing of $175 million from a group of investors.°
  • Represented the initial purchasers in the offering and issuance of $465 million of notes of a Peruvian bank’s diversified payment rights securitization program, sold to investors in reliance of Rule 144A/Regulation S.°
  • Represented a Mexican chemical company in an $80 million unsecured bridge loan financing with a U.S.-based bank.°
  • Represented a Japanese bank in a $50 million revolving facility to a Chilean iron producer to fund working capital.°
  • Represented a Chilean construction company in a $30 million unsecured financing with a U.S.-based bank to fund working capital.°
  • Represented a Chilean mining company in a joint venture with a Canadian mining company for the exploration of minerals in northern Chile.
  • Represented a Honduras-based group in a $50 million unsecured bridge loan financing with a U.S.-based bank to fund the acquisition of a bank in El Salvador.°
  • Represented the New York branch of a Chilean bank in a $20 million unsecured financing to a Spanish construction company to fund working capital.°
  • Represented the New York branch of a Chilean bank in a $40 million unsecured financing to a Mexican shipping company to fund working capital.°
  • Represented a Mexican oil & gas exploration company in a $100 million secured financing with a U.S.-based bank to fund the acquisition of natural gas assets.°
  • Represented a Guatemalan bottling company in a $60 million unsecured financing with a U.S.-based bank to fund the acquisition of a bottling company in Ecuador.°
  • Represented a Japanese bank in a $50 million secured bridge loan financing to Brazilian drillship operator.°
  • Represented the initial purchasers in the offering by a Cayman Islands SPV of $150 million in notes in reliance of Rule 144A/Regulation S, secured principally by real estate assets located in the Dominican Republic.°
  • Represented the initial purchasers in the offering and issuance of $160 million in notes by a Mexican trust, secured by assets and payment rights of a Mexican construction company, sold to investors in reliance of Rule 144A/Regulation S.°

°The above representations were handled by Mr. Stephens to his joining Greenberg Traurig, LLP.

Recognition & Leadership

  • Selected, Latinvex, “Latin America's Top 100 Lawyers: Capital Markets,” 2018 and 2019
  • Chambers Global, Banking & Finance (Experts Based Abroad – Chile), 2013
  • Vice President and Director, North American-Chilean Chamber of Commerce, 2014-Present

Credentials

Education
  • LL.M., Northwestern University, Pritzker School of Law, 2005
  • J.D., cum laude, Pontificia Universidad Católica de Chile, 2001
Admissions
  • New York
  • Republic of Chile
Languages
  • Spanish, Native