Maria Larsen
Counsel
Maria Larsen’s practice focuses on domestic and cross-border capital markets transactions, with a particular emphasis on Latin America.
She brings extensive experience advising issuers, underwriters, and other market participants across a broad spectrum of capital markets transactions, including investment grade and high-yield debt offerings, equity offerings, liability management transactions, sovereign financings, project financings, restructurings, and public and private cross-border offerings. Her work spans a diverse range of industries, including financial services, banking, retail, and energy. Maria also has deep experience in sovereign debt offerings and restructurings, an area in which she is widely recognized for her sophisticated counsel.
In addition, Maria has advised a number of prominent Latin American issuers on their ongoing SEC reporting obligations and on regulatory and compliance matters arising under the U.S. securities laws.
Maria joined the firm as counsel in 2026 from another major international law firm.
Notable Experience (including those prior to joining Cleary)
Corporates
AES España in its $500 million senior notes offering.
Alicorp in its S/1.53 billion notes offering and concurrent tender offer.
SURA Asset Management in its issuance of $500 million in senior guaranteed notes and concurrent tender offer.
The initial purchasers and dealer managers in Fondo Mivivienda’s $400 million notes offering and $375 million concurrent tender offer.
The initial purchasers in Volcan Compañía Minera’s $220 million senior notes offering.
The placement agents in preferred stock offerings by Azul S.A.
The initial purchasers in Bancomext’s $500 million notes offering.
The initial purchasers in connection with Banco Davivienda’s $500 million tier 2 subordinated notes offering.
The initial purchasers in Orygen’s $1.2 billion senior notes offering.
The dealer managers in Volcan Compañía Minera’s exchange offer and solicitation of consents.
Trump Media & Technology Group (Nasdaq: DJT), the operator of Truth Social, in its $7 billion business combination with Digital World Acquisition and listing on Nasdaq.
The lenders in the $4.4 billion restructuring of Digicel.
The underwriters in ONEOK’s $5.25 billion senior notes offering.
Ecopetrol in connection with its ongoing SEC reporting requirements, and corporate governance matters, in addition to multiple securities offerings, including its public offering of $2 billion notes to repay the remaining outstanding principal amount in connection with its acquisition of Interconexción Eléctrica.
Intercorp Financial Services in connection with its ongoing SEC reporting requirements and corporate governance matters.
Banco de Chile in connection with its ongoing SEC reporting requirements, and corporate governance matters, in addition to multiple securities offerings, including its inaugural Rule 144A/Reg S offering of $500 million fixed-rate notes.
Interbank in connection with its Rule 144A/Reg S issuance of $300 million aggregate principal amount of 4% subordinated notes due 2030.
Intercorp Perú Ltd. in connection with its Rule 144A/Reg S issuance of $325 million aggregate principal amount of 3.875% senior notes due 2029, concurrent PEN offering and tender offer.
The initial purchasers in connection with a Rule 144A/Reg S offering of $360 million senior secured notes issued by Mercury Chile HoldCo, a fully owned subsidiary of The AES Corporation and the majority shareholder of AES Andes.
Controladora Vuela Compañía de Aviación (Volaris) in connection with a primary follow-on equity offering in which Volaris offered 134 million of its ordinary participation certificates (Certificados de Participación Ordinarios), or CPOs, in the form of American depositary shares in the United States and other countries outside of Mexico.
Oleoducto Central in connection with its public offering of $500 million in notes.
Alicorp in connection with its Rule 144A/Reg S offering of S/1.64 billion in senior notes.
Grupo de Inversiones Suramericana (Grupo SURA) in connection with a Rule 144A/Reg S offering of $550 million in senior notes by Gruposura Finance, Grupo SURA’s wholly owned subsidiary, and guaranteed by Grupo SURA.
Banco General in connection with its Rule 144A/Reg S offering of $550 million in senior notes.
Project Bonds
The initial purchasers in connection with a Rule 144A/Reg S offering of $1.1 billion in notes issued by Alfa Desarrollo (Alfa), a newly formed company wholly owned indirectly by Celeo Redes and certain investment funds managed by APG to consummate the $1.35 billion acquisition of Colbún Transmisión.
The initial purchasers in connection with Cometa Energía’s (owned by Actis) Rule 144A/Reg S offering of $860 million in senior secured notes to facilitate Actis’ $1.256 billion acquisition of the InterGen portfolio of energy assets in Mexico.
Aeropuerto Internacional de Tocumen S.A., the Panamanian government-owned operator of the country’s principal international airport, in connection with the reopening of $650 million senior secured notes and a $225 million offering of senior secured, amortizing, collateralized/secured, fixed-rate notes.
Empresa Eléctrica Guacolda in an international offering of fixed-rate investment grade senior notes to refinance its project financing.
Empresa Eléctrica Angamos in its offering of senior secured notes to refinance its project financing.
Empresa Eléctrica Cochrane in its Rule 144A/Reg S offering of senior secured notes in order to refinance its existing project financing.
Sovereigns
The initial purchasers and dealer managers in connection with Bolivia’s issuance of $850 million notes.
Province of Córdoba in connection with the debt restructuring in which it obtained the consents required from investors to exchange and/or modify over 96% of the province’s outstanding ~$1.6 billion in international bonds.
The underwriters in connection with the Republic of Peru’s various bonds, including $5 billion U.S. and euro global bonds, $4 billion sovereign bonds, and $3 billion sovereign bonds.
The dealer managers in connection with the government of Jamaica’s tender offer and $815 million bond issuance.