Chadbourne & Parke LLP in New York and Carey in Santiago
have helped Chilean power company Enersis issue US$600 million
worth of notes.
The joint bookrunners hired the New York office of Davis Polk
& Wardwell LLP and Claro & Cía in Santiago. Enersis
issued the 4% notes, which are due in 2026, on 25 October.
It is thought the trustee, BNY Mellon, called on Carter Ledyard
& Milburn LLP, but this could not be confirmed before
Enersis, which is controlled by Italy's Enel, wants to use
the proceeds to repay 7.4% notes due in December and repurchase
stock from shareholders in preparation for its mooted merger with
Chilectra, another local electricity distributor.
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The Panamanian Law 52 of October 27, 2016 (the "Law"), which relates to accounting records and the annual franchise tax of Panamanian entities (corporations and foundations), came into effect on 1 January 2017.
Por medio de Oficio 220-047982 del 29 de Febrero de 2016, la Superintendencia de Sociedades estableció que el domicilio del representante legal de una sociedad nacional debe corresponder a un lugar determinado dentro territorio nacional.
In order to remunerate the invested capital, Brazilian companies are allowed to distribute earnings to their shareholders in the form of dividends or under the concept of interest on net equity (juros sobre o capital próprio – JCP).
Investments by foreign investors in Brazilian financial and capital markets are regulated by the National Monetary Council (the "CMN"), the Brazilian Securities and Exchange Commission (the "CVM") and the Brazilian Central Bank ("Central Bank").
In 2014, the Brazilian Securities and Exchange Commission presented to a public hearing a draft of an Instruction that proposes to change the definition of the category of "qualified investors" of CVM Instruction No. 409.
The commercial agency contract, according to the Brazilian Legal System, is provided for by articles 710 to 721 of the Civil Code.
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