Manuel Orillac

Manuel Orillac

Partner

Manuel currently focuses on transactions in the Americas, with past experience in Europe and the Middle East.

Manuel advises on debt and equity offerings, structured financings, project financings, and cross-border mergers and acquisition transactions.

He represents, among others, corporate, sovereign and financial institution clients including Autoridad del Canal de Panamá, Aeropuerto Internacional de Tocumen, Banco Itaú Chile, Ecopetrol, Empresa Nacional del Petróleo, Fondo de Ahorro de Panamá, Ingenio Magdalena, Intercorp Financial Services, Inversiones Atlántida, Oleoducto Central, Organización Corona, SuperXtra, Transelec, Volta Trucks, Citibank, Bank of America Merrill Lynch, and J.P. Morgan.

Manuel joined the firm in 1985, and has practiced in the firm’s New York, Paris, Abu Dhabi, and Houston offices.

Experience

Representative matters

Capital Markets

Volta Trucks AB in its €230 million Series C preferred shares financing and in its €37 million Series B preferred shares financing.

Citigroup Global Markets and J.P. Morgan Securities, as initial purchasers, in connection with a Rule 144A/Reg. S offering of senior guaranteed sustainability-linked notes by The Central America Bottling Corporation.

Citigroup Global Markets, J.P. Morgan Securities, Scotia Capital (USA), Credit Suisse Securities (USA) and Banco General, as initial purchasers, in connection with a Rule 144A/Reg. S offering of senior notes by AES Panama Generation Holdings; the largest bond issuance by a private company in Central America and the Caribbean.

Citigroup Global Markets Inc., as initial purchaser in connection with a Rule 144A/Reg. S offering of senior notes by UEP Penonomé II, S.A., an indirect subsidiary of InterEnergy Group Ltd.; the first green project bond issuance by a private company in Central America and the Caribbean.

BofA Securities, Inc. and Banco General, S.A., as initial purchasers, in connection with a Rule 144A/Reg. S offering of senior notes by ENA Master Trust.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as initial purchasers, in connection with a Rule 144A/Reg. S offering of senior notes by Cable Onda.

Banco General, S.A. on its offering of senior notes.

Citigroup Global Markets Inc. in connection with an offering of notes by the Republic of Guatemala.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC in connection with an offering of notes by Capex S.A.

Empresa Nacional del Petróleo, a Chilean state-owned enterprise, in connection with multiple offerings of senior notes.

Transelec S.A., Chile’s largest power transmission company, in connection with multiple offerings of senior notes.

Aeropuerto Internacional de Tocumen, S.A., a Panamanian state-owned operator of the country’s principal international airport, in connection with multiple offerings of senior secured notes and liability management transactions.

Autoridad del Canal de Panamá, a Panamanian autonomous legal entity, in connection with its inaugural bond offering Awarded LatinFinance Best Infrastructure Financing – Central America (2015).

Abengoa Transmisión Sur S.A. and Abengoa, S.A, in connection with the purchase and sale of senior secured notes. Awarded IJGlobal Americas Bond Deal of the Year (2014).

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on the Republic of Panama’s shelf takedown of bonds.

Project Development & Finance

Panama Canal Authority with respect to the financing aspects of its $5.2 billion expansion program that created a third lane for transiting vessels, with a capacity of almost 13,200 TEUs, nearly three times the capacity of Panamax vessels, thereby supporting greater economies of scale. It involved a complex financing structure led by five multilateral/export credit agencies, including IDB, CAF, EIB, IFC and JBIC. Awarded LatinFinance Project Finance Deal of the Year (2016).

LNG Group Panama in connection with the development and financing of a proposed LNG regasification plant and gas-fired power plant.

The Bank of Nova Scotia, as Administrative Agent, and the lenders of a facility to refinance payment obligations of the Republic of Panama incurred in connection with the construction of road infrastructure, which was guaranteed by the Inter-American Development Bank.

Corporate: Latin America

Ecopetrol in its $1.5 billion joint venture with Occidental Petroleum to develop oil & gas assets in the Permian Basin in West Texas.

The owners of Distribuidora Xtra S.A. in their sale of a stake in the company to Southern Cross Latin America Private Equity Fund.

Organización Corona in its acquisition of Incesa, the principal supplier of kitchen and bath supplies in Central America, and the American Standard brand throughout Central America.

SQM: Advised the independent committee of the board on an internal investigation.

AtlasBank, a financial institution providing banking and clearing services through sophisticated technology solutions, in connection with licensing and general corporate matters.

Ecopetrol in connection with the reorganization of the corporate ownership structure of Ecopetrol America.

Leadership Positions And Professional Affiliations

  • American Bar Association

Qualifications

Admissions

New York, 1986

Texas, 2018

Academic

B.A., Georgetown University, 1982

J.D., Columbia University, 1985

Languages

English, French, Spanish
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.