Representative Work

Examples of representative work highlights in the last two years.

HSBC Securities USA, Citigroup Global Markets

Guyer & Regules assisted HSBC and Citigroup in a series of liability management transactions performed by the Republic of Uruguay regarding its public debt, such as a new issue of global bonds for cash, an exchange offer and a cash tender offer. Such transactions basically consisted in the issuance of new UI Global Bonds due 2028 for cash for an amount equivalent to USD 2 billion.

Itaú Bank – Hípica Rioplatense

Guyer & Regules assisted in a successful USD 30 million bond issuance by Hípica Rioplatense. Itaú Bank and GAP Consultores acted as Structuring Agents of the deal. The firm was also in charge of drafting all necessary documentation for the issuance.

Montes del Plata (Arauco – Stora Enso)

Guyer & Regules has helped Uruguay’s forestry and pulp company Montes del Plata obtain a credit facility, which represents the largest financing deal in Uruguay’s history for Montes del Plata. Guyer & Regules has worked with Montes de Plata since the pulp mill project’s inception in August 2010, helping to secure government approval for what is the largest foreign direct investment project in the country’s history.

HSBC

Guyer & Regules has helped HSBC Bank on a series of loans to different Uruguayan companies.

DEG

Guyer & Regules assisted German development financier DEG ‑ DEUTSCHE INVESTITIONS‑ UND ENTWICKLUNGSGESELLSCHAFT MBH  (DEG) in the granting of a USD 15 million facility to ZENDA LEATHER S.A. (Zenda) to permit Zenda expand and modernize Zenda’s production facilities. Zenda belongs to the Marfrig group.

Santander Bank – New York

Guyer & Regules advised Santander Bank NY in connection with a facility agreement granted by Santander Bank to the Gerdau Group (and its Uruguayan subsidiary).

Nomura Securities

Guyer & Regules advised one of the lead arrangers, Nomura Securities, inUruguay’s issue of USD 490 million worth of bonds in the Japanese capital markets.

Credit Suisse USA LLC and Goldman Sachs & Co.

Guyer & Regules advised Credit Suisse USA LLC and Goldman Sachs & Co. in connection with the issuance by Corporación Andina de Fomento (CAF) of up to USD 500.000.000 principal amount of 3.750% notes due 2016.

Éxito

Guyer & Regules assisted Colombian retail chain Almacenes Éxito in its expansion inUruguaythrough the USD 746 million acquisition of the Disco and Devoto supermarket chains inUruguay.

Duty free – Eurnekian Group

Guyer & Regules advised Eurnekian Group in the sale of duty free shops in Punta del Este’s airport and other 10 airports in different countries.

BBVA

At the beginning of 2010 BBVA closed the purchase of the shares of Crédit Uruguay Banco S.A., a banking subsidiary of France Crédit Agricole. Guyer & Regules was retained by BBVA to assist it in the merger of the two banking institutions, so that the surviving entity (BBVA) receives all the assets and liabilities previously held by CréditUruguay, the transaction is structured to operate as a transfer of an ongoing concern.

Minerva

Guyer & Regules helpedBrazil’s third-largest meatpacker, Minerva, expand intoUruguayby assisting in its acquisition of meat processor Pul. Pul was sold to Minerva for USD 62 million. This is Minerva’s first foray into another country (from its base inBrazil) and reinforces the strength of the meat market players.

ING Groep

Guyer & Regules and other US and Latin American firms across five countries worked towards the USD 3.8 billion sale of ING Groep’s assets in the region to Colombian financial holding company Grupo de Inversiones Suramericana (Sura Group), which marks the biggest foreign buy by a Colombian company to date. In the case ofUruguay, ING Groep sold to Sura Group 100% of the shares of Afinidad AFAP, a leading pension fund manager operating inUruguay.

Montes del Plata (Arauco – Stora Enso)

Guyer & Regules helped Montes del Plata sign an agreement which will see the Uruguayan forestry company tap into the national electricity grid. The deal was made with the state-owned electricity company, Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE).

Geely International

Geely International, the largest private automotive company inChinawhich recently acquired Volvo cars company, has reached an industrial cooperation agreement with Nordex, a Uruguayan company, under which the latter will assemble and manufacture vehicles for Geely to be commercialized within the Mercosur region.

APAC

Guyer & Regules assisted APAC in setting up their first Latin American call center in a Uruguayan free trade zone and provided advice in the negotiation and execution of the agreements with Aguada Park and APAC’s suppliers.

UBS Financial Services

Guyer & Regules assisted UBS in setting up as an Investment Advisor in a Uruguayan free trade zone and provided advice in the negotiation and execution of the agreements with ZonamericaS.A.and in the submission of documentation requested by the Central Bank of Uruguay.

Sequoia Capital – Scanntech

Guyer & Regules provided counsel to Sequoia Capital in the due diligence and equity investment in Scanntech, which was founded by Uruguayan entrepreneurs and specialises in tech solutions and connectivity in sales points. This constitutes the first investment that Sequoia Capital, which is based inCalifornia’s Silicon Valley, has made inLatin America.

Multiahorro

Guyer & Regules has helped Uruguayan supermarket chain Supermercados Multiahorro add three large supermarkets to its portfolio.

Louis Dreyfus Energy

G&R legal advice consisted in the installation of a Uruguayan subsidiary (to be known in the future as LDH Energy South America S.A.) and the setting up for its operations in all corporate, commercial, tax and labour matters. LDH Energy will concentrate through its Uruguayan subsidiary all its trading operations on oil and refined products in the region.

Saxo Bank – NVN Securities

Guyer & Regules acted in the sale of 100% of the shares of NVN Securities Agent Securities SA by Saxo Bank. NVN is a securities broker authorized by BCU which operates in Uruguay’s free trade zone.
G&R helped in the due diligence, negotiation and drafting of stock purchase contract, request of the authorization to the BCU (in process) and operational issues.