A look back at Rafael Benvente as the senior head of Citigroup Special Situations in 2007

BNP Paribas, a Paris based European Bank arranged the JEP deal. This bank was also advised
Conduit of Mamonal power generation facility, and that sale was worth of US$17.5 million. BNP
Paribas also advised a binding agreement for one of JEP’s investments in Peru through which
the company sells its 13.2 percent holding in Aguaytia on a natural gas-field. Conduit Chairman,
J. Scott Swensen said “Latin Power I will be fully liquidated”, after the closing of Aguaytia sale.
Another partner of Conduit, named Juan paez said “Jamaica is a strategic location for any
company operating in the Caribbean, and we consider JEP to be the best run power plant on
the island”. The whole process of JEP’s acquisition by Basic Energy was financially underwritten
by Citigroup Special Situation, which is a specialized group that is assigned and responsible for
such type of transactions. Rafael Benvente, the senior head of Citigroup Special Situations
added “We work very closely with our clients to provide quick execution capital, that will get
the transaction done, and later will transition into more permanent part of the capital
structure”.

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