Herbert Smith advised Caminhos de Ferro Portugueses, E.P. (CP) on the issue of €100 million Guaranteed Secured 4.5% Fixed Rate Notes due 2013 and €300 million Guaranteed Secured 4.7% Fixed Rate Notes due 2015 through a Jersey special purpose vehicle Polo III – CP Finance Limited. The issue is guaranteed by MBIA Assurance S.A..
CP is the principal concessionaire of the Portuguese railways and the principal operator of passenger and freight transportation on railways in Portugal. Herbert Smith also advised CP in July 2002 on the issue by Polo II of €375 million Guaranteed Secured Floating Rate Notes due 2013.
Finance partner Jane Borrows, who led the team at Herbert Smith, commented: “It was a pleasure to work with CP and Portuguese law firm Goncalves Pereira again and to be involved in another structured finance issue in the European rail industry.”
Jane Borrows was assisted by Sau-Ling Foong with Howard Murray and Rob Young providing tax advice. CP’s Portuguese advisers were Goncalves Pereira, Castelo Branco & Associados (Maria João Ricou and Margarida Leal de Oliveira).
Allen & Overy advised the arranger, Banco Bilbao Vizcayen Argentaria, and Clifford Chance advised MBIA Assurance, S.A..
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Notes to editors
- Herbert Smith is an international broad-based law firm with over 1,000 lawyers (including some 200 partners) and a network of offices in Europe and Asia. We are committed to providing legal services of the highest quality to major corporations, financial institutions, governments, and all types of commercial organisations. Gleiss Lutz, Herbert Smith and Stibbe are three independent firms which have a formal alliance assisting them in delivering cross border services to their respective clients.
- For further information please contact Jane Borrows on 020 7374 8000 or Alex Charlwood, Media Relations Manager on 020 7466 3917 or alex.charlwood@herbertsmith.com