Funds managed by Oaktree Capital Management have completed the placement of €135m of debt secured against a majority stake in Spanish renewables outfit Eolia Renovables de Inversiones.
The transaction, which was with Brookfield’s infrastructure debt business, was used to finance a dividend recapitalisation to Oaktree and cover transaction costs.
The debt would be transferrable to prospective investors in Eolia in the event of a future exit by Oaktree.
Oaktree said the transaction “attracted broad international interest from several international institutional debt buyers and was completed with an innovative and bespoke structure”.
Brookfield Infrastructure Group senior vice president Ian Simes said “We’re delighted to have closed this transaction with Oaktree.
“Eolia’s assets are of high quality and the Spanish renewable market is an attractive jurisdiction for investment.”
Oaktree were advised by Jefferies and Arcano. Legal advisors on the transaction were Davis Polk, wirg Pérez-Llorca issuer’s counsel and Herbert Smith Freehill lender’s counsel.
Image: Free Images/Christian Wagner
Oaktree grows Spanish roots
Fund manager places €135m debt secured against majority stake in Eolia
By EBS