The TAG Pipeline deal was named the winner of the Oil & Gas Financing of the Year in the 2019 LatinFinance Project & Infrastructure Finance Awards.
Jones Day advised ENGIE in the $8.6 billion acquisition and related financing of 90% of Transportadora Associada de Gás SA (TAG), the largest natural gas transmission network owner in Brazil, from Brazilian state oil company Petróleo Brasileiro SA (Petrobras). The financing consisted of two senior secured pari passu project finance debt facilities with layered tenors including a New York law governed US$2.45 billion international syndicated loan facility and the local issuance of BRL$14 billion (US$3.6 billion) in Brazilian law governed debentures. The international and local debt facilities together constitute the largest-ever acquisition financing in Brazil and is among the largest successfully closed hybrid acquisition and project financings in the Latin American region. The acquisition is the largest cash acquisition and privatization in Brazil.
LatinFinance's Project & Infrastructure Finance Awards recognize the most impressive transactions and institutions in a field critical to the region's economic progress. For all categories, LatinFinance considers transactions that have closed between June 1, 2018 and May 31, 2019. The winning deals were chosen by LatinFinance's editorial staff following an examination of information and data provided by market participants, interviews with industry leaders and research of publicly available information.