International Financial Law Review - Euromoney

Financial & Corporate
Tier 1

Guyer & Regules has continued to show its dominance and relevance in the market with participation in some of the most innovative and high profile deals. The firm represents more than 50% of the private banks acting in Uruguay and has been involved in more than 67% of the M&A deals which have been made public and that took place in Uruguay in the past year. “The best by far,” says a competitor. “The firm has a good team of hardworking professionals and a nice roster of clients,” another adds.

The firm’s banking team is well praised and respected in the market. “They are a fierce banking competitor,” a peer notes. Another says: “There is no doubt that their banking and finance team is first class. We see them all the time in the most relevant transactions.”

In August 2013, the firm advised HSBC and Deutsche Bank, as joint bookrunners, when The Republic of Uruguay raised $2 billion through the sale of a new global bond. Uruguay sold the 2024 bond as part of a debt liability operation that included a debt swap. The placement comes a month after the government filed a shelf registration with the US Securities and Exchange Commission to sell up to $5 billion in securities.

Guyer & Regules also advised the dealer managers and underwriters, Citigroup and BNP Paribas, in the issuance by the Republic of Uruguay of $500 million worth of bonds and in the concurrent exchange and cash tender offers.

In banking the firm again acted for Citibank on a $75 million credit facility to Interconexión del Sur and Uruguay’s state-owned electricity company Administración Nacional de Usinas y Transmisiones Eléctricas to finance the construction of an electricity conversion plant which will make Uruguay’s electricity cycle compatible with its Brazilian counterpart.

Energy & Infrastructure


Guyer & Regules boasts the largest energy and natural resources team in Uruguay. The firm advises on public bids called by state-owned company ANCAP and in the negotiations in the day-to-day business of oil companies Total, BG and Tullow Oil and natural-gas transporter Gasoducto Cruz del Sur.

“We found Guyer & Regules knowledgeable about the growing renewable market in Uruguay and with respect to offshore investment and corporate issues,” one client says. “Guyer & Regules performed well. What is key to us in transaction business is the ability to identify issues early, be clear about those issues, be rigorous in considering the issues but also be creative and cooperative in finding solutions and working with all sides to the transaction to find a way through.”

Last year, three different teams of Guyer & Regules assisted Total, BG and Tullow, three of the winning parties in a second bidding round for Uruguay’s offshore exploration blocks organised by the country’s state energy company ANCAP. The transaction valued $3.5 billion, and BG was awarded three blocks, while Tullow and Total were both granted a piece.

Guyer & Regules advised GDF Suez in the setup of its local subsidiary who entered an $1.2 billion agreement with Gas Sayago to design, finance, construction, establishment, operation and management the LNG (liquefied natural gas) plant, including the construction of the port terminal, which will be established in the west side of the bay of Montevideo in Punta de Sayago. The agreement was finalised in October 2013.

Over a two-month period in 2013, the firm advised GDF Suez in the negotiation and execution of a $1 billion agreement for the design, finance, construct, establish, operate and maintain the LNG (liquefied natural gas) plant with a BOOT (build-own-operate-transfer) structure. Guyer & Regules also advised GDF Suez in the negotiation and execution of an EPC contract for the construction of the LNG plant and port terminal with Brazilian construction company OAS and as to local law matters in the TCP with Japanese Mitsui OSK Lines relating to the floating regasification and storage unit.

In April 2013, partner Juan Manuel Mercant counseled Luz de Mar, Luz de Loma and Luz de Río in obtaining $140 million worth of project financing as well as an equity investment for three wind farms – one of the first times a project finance structure has been used in the country. The wind farms will be located near Florida and Flores, two towns in the south of Uruguay, and will have a total installed capacity of 88MW. The wind farms’ output will be sold to Uruguay’s state electricity company, UTE, through a 20-year off-take agreement.