<PAGE>

                                                                   Exhibit 4.1.2

                           [FORM OF FACE OF SECURITY]

                           [Global Securities Legend]

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW
YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

            TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                         [Definitive Securities Legend]

        [IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
            REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
          INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
             CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
                                 RESTRICTIONS.]

<PAGE>
                                                                               2


                            HQI TRANSELEC CHILE S.A.

                          7 7/8% Senior Notes due 2011

Registered                                                         $465,000,000

No. [  ]                                                              CUSIP [  ]
                                                                       ISIN [  ]
                                                                Common Code [  ]

            HQI Transelec Chile S.A., a Chilean stock company ("sociedad
anonima") duly organized and existing under the laws of the Republic of Chile
(herein called the "Company", which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to

                                   Cede & Co.

or registered assigns, the principal sum as set forth on the Schedule of
Increases or Decreases annexed hereto at the office or agency of the Company in
the Borough of Manhattan, The City of New York, on April 15, 2011 by wire
transfer of immediately available funds in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the
payment of public and private debts, and to pay interest on said principal sum
semiannually on April 15 and October 15 of each year, commencing on October 15,
2001, at said office or agency, in like coin or currency, at the rate per annum
specified in the title hereof, from the April 15 or October 15, as the case may
be, next preceding the date of this Note to which interest on the Notes has been
paid or duly provided for (unless the date hereof is the date to which interest
on the Notes has been paid or duly provided for, in which case from the date of
this Note), or, if no interest has been paid on these Notes or duly provided
for, from April 17, 2001 (the "original issue date"), until payment of said
principal sum has been made or duly provided for. Notwithstanding the foregoing,
if the date hereof is after the April 1 or October l and before the next
succeeding April 15 or October 15, this Note shall bear interest from such April
15 or October 15, as the case may be; provided, however, that if the Company
shall default in the payment of interest due on such April 15 or October 15,
then this Note shall bear interest from the next preceding April 15 or October
15 to which interest on the Notes has been paid or duly provided for, or, if no
interest has been paid on the Notes or duly provided for, from the original
issue date. The interest so payable, and punctually paid or duly provided for,
on any April 15 or October 15 will,

<PAGE>
                                                                               3


except as provided in the Indenture referred to on the reverse hereof, be paid
by wire transfer of immediately available funds to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on the next preceding April 1 or October 1, as the case may be (herein
called the "Regular Record Date"), whether or not a Business Day, or may, at the
option of the Company, unless this Note is a Global Security, be paid by check
mailed to the registered address of such Person. Any such interest which is
payable, but is not so punctually paid or duly provided for, shall forthwith
cease to be payable to the registered Holder on such Regular Record Date and may
be paid either to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed and upon such notice as may be required by such exchange, if such
manner of payment shall be deemed practical by the Trustee, all as more fully
provided in said Indenture. Notwithstanding the foregoing, in the case of
interest payable at Stated Maturity, such interest shall be paid to the same
Person to whom the principal hereof is payable. Interest shall be computed on
the basis of a 350-day year of twelve 30-day months.

            Special Interest. The Holder of this Security is entitled to the
benefits of the Registration Rights Agreement dated April 17, 2001, among the
Company and the representatives of the several Initial Purchasers (the
"Registration Agreement"). Capitalized terms used in this paragraph but not
defined herein have the meanings assigned to them in the Registration Agreement.
In the event that (i) neither the Registered Exchange Offer has been consummated
nor the Shelf Registration Statement has been declared effective on or prior to
the 270th day following the original issue date, or (ii) after either the
Exchange Offer Registration Statement or the Shelf Registration Statement has
been declared effective, such Registration Statement thereafter ceases to be
effective or usable in connection with resales of the Securities at any time
that the Company is obligated to maintain the effectiveness thereof pursuant to
the Registration Agreement (each such event referred to in clauses (i) and (ii)
above being referred to herein as a "Registration Default"), interest (the
"Special Interest") shall accrue on the principal amount of Securities affected
by such Registration Default (in addition to stated interest on the Securities)
from and including

<PAGE>
                                                                               4


the date on which any such Registration Default shall occur to but excluding the
date on which all Registration Defaults have been cured, at a rate equal to .25%
per annum of the principal amount of the Securities during the 90-day period
immediately following the occurrence of such Registration Default and shall
increase by .50% per annum at the end of such 90-day period, but in no event
shall such rate exceed .75% per annum. The Special Interest will be payable in
cash semiannually in arrears each April 15 and October 15 and otherwise on the
terms set forth above with respect to payments of interest. References to
interest in this Note and in the Indenture shall be deemed to include references
to Special Interest where applicable.

            All payments of or in respect of principal and interest (including
Special Interest) in respect of this Note shall be made free and clear of, and
without withholding or deduction for or on account of, any present or future
taxes, penalties, fines, duties, assessments or other governmental charges (or
interest on any of the foregoing) of whatsoever nature imposed, levied,
collected, withheld or assessed by, within or on behalf of the Republic of Chile
or any political subdivision or governmental authority thereof or therein having
power to tax, unless such withholding or deduction is required by law. In that
event, the Company shall pay such additional amounts ("Additional Amounts") as
may be necessary to ensure that the amounts received by the Holders hereof after
such withholding or deduction shall equal the respective amounts of principal
and interest (including Special Interest) that would have been receivable in
respect of this Note in the absence of such withholding or deduction, except
that no such Additional Amounts shall be payable in respect of this Note (i) in
the case of payments for which presentation of this Note is required, if
presented for payment more than 30 days after the later of (x) the date on which
such payment first became due and (y) if the full amount payable has not been
received in The City of New York by the Trustee on or prior to such due date,
the date on which, the full amount having been so received, notice to that
effect shall have been given to the Holder by the Trustee, except to the extent
that the Holder would have been entitled to such Additional Amounts on
presenting this Note for payment on the last day of the applicable 30-day
period; (ii) held by a Holder or on behalf of a beneficial owner of this Note
who is liable for taxes, penalties, fines, duties, assessments or other
governmental charges in respect of this Note by reason of having some present or
former, direct or indirect, connection with the Republic of Chile (or any
political subdivision or governmental authority thereof or therein), other than
the mere holding of this Note or the receipt of principal or

<PAGE>
                                                                               5


interest (including Special Interest) in respect hereof; or (iii) any
combination of (i) and (ii). All references to principal, interest and other
amounts payable hereunder shall be deemed to include references to any
Additional Amounts which may be payable as set forth in the Indenture or in this
Note.

            Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

            Unless the certificate of authentication hereon has been manually
executed by or on behalf of the Trustee under the Indenture, this Note shall not
be entitled to any benefits under the Indenture, or be valid or obligatory for
any purpose.

            IN WITNESS WHEREOF, HQI Transelec Chile S.A. has caused this Note to
be duly executed.

Dated: April 17, 2001                   HQI TRANSELEC CHILE S.A.


                                        By
                                           _____________________________________
                                           Name:
                                           Title:


                                        By
                                           _____________________________________
                                           Name:
                                           Title:

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                        Bankers Trust Company,
                                        as Trustee,

                                        by


                                           _____________________________________
                                                  Authorized Signatory

<PAGE>
                                                                               7


                                [REVERSE OF NOTE]

            This Note is one of the duly authorized issue of notes, debentures,
bonds or other evidences of indebtedness (hereinafter called the "Securities")
of the Company, of the series hereinafter specified, all issued or to be issued
under and pursuant to the Indenture dated as of April 17, 2001 (herein called
the "Indenture"), duly executed and delivered by the Company and Bankers Trust
Company, as Trustee (herein called the "Trustee"), to which Indenture and any
other indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee and any agent of the Trustee, any Paying
Agent, the Company and the Holders of the Securities and the terms upon which
the Securities are issued and are to be authenticated and delivered.

            The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any), may be subject to different
covenants and Events of Default and may otherwise vary as provided or permitted
in the Indenture. This Note is one of the series of Securities of the Company
issued pursuant to the Indenture and designated as 7?% Senior Notes due 2011
(herein called the "Notes"), initially issued in the aggregate principal amount
of $465,000,000. Additional Notes of this series may be issued from time to time
pursuant to the terms of the Indenture; provided, however, that any Securities
issued pursuant to the Indenture with the original issue discount ("OID") for
United States federal income tax purposes shall not be issued as part of the
series of the Notes if the Notes are originally issued with a different amount
of OID or are not issued with OID.

            The Notes may be redeemed at the election of the Company as a whole,
but not in part, at any time upon not less than 30 nor more than 60 days' notice
by first class mail, at a Redemption Price equal to 100% of the principal amount
together with any accrued interest to the Redemption Date, only if (i) the
Company certifies to the Trustee immediately prior to the giving of such notice
that it has or will become obligated to pay Additional Amounts with respect to
the Notes in excess of the Additional Amounts that would be payable were
payments of interest on the Notes subject to a 4% withholding tax as a result of
any change in or amendment to the laws or regulations of the Republic of Chile
or any political subdivision or governmental

<PAGE>
                                                                               8


authority thereof or therein having power to tax, or any change in the
application or official interpretation of such laws or regulations, which change
or amendment occurs after the date of issuance of the Notes and (ii) such
obligation cannot be avoided by the Company taking reasonable measures available
to it; provided, however, that no such notice of redemption shall be given
earlier than 60 days prior to the earliest date on which the Company would be
obligated to pay such Additional Amounts, if a payment in respect of the Notes
were then due. Prior to the giving of any notice of redemption of the Notes
pursuant to the Indenture, the Company shall deliver to the Trustee an Officers'
Certificate, stating that the Company is entitled to effect such a redemption
pursuant to the Indenture, and setting forth in reasonable detail a statement of
the facts giving rise to such right of redemption (together with a written
Opinion of Counsel to the effect, among other things, that the Company has
become obligated to pay such Additional Amounts as a result of a change or
amendment described herein and that the Company cannot avoid payment of such
Additional Amounts by taking reasonable measures available to it and that all
governmental approvals necessary for the Company to effect such redemption have
been obtained and are in full force and effect or specifying any such necessary
approvals that as of the date of such opinion have not been obtained).

            So long as the Notes are listed on the Luxembourg Stock Exchange and
it is required by the rules of such exchange, the Company shall make such
notices in accordance with the following provisions. The Company shall make
publication of notices to the holders of the Notes in a leading newspaper having
general circulation in Luxembourg (which is expected to be the Luxemburger Wort)
or, if such publication is not practicable, in one other leading daily newspaper
with general circulation in Europe, such newspaper being published on each
business day in morning editions, whether or not it is published in Saturday,
Sunday or holiday editions. For so long as the Notes are listed on the
Luxembourg Stock Exchange, a copy of all notices shall be provided by the
Company to the Luxembourg Stock Exchange.

            The Indenture permits, with certain exceptions as therein provided,
the Company and the Trustee to enter into supplemental indentures to the
Indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or modifying in any manner
the rights of the Holders of the Securities of each series under the Indenture
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the

<PAGE>
                                                                               9


time Outstanding of each series to be affected thereby on behalf of the Holders
of all Securities of such series. The Indenture also permits the Holders of a
majority in aggregate principal amount of the Securities at the time Outstanding
of each series, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and
certain past defaults and their consequences with respect to such series under
the Indenture. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Notes issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Note or such other Notes. In addition, subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the
Company and the Trustee may amend the Indenture or the Notes to make changes
that do not adversely affect the rights of any Holder.

            If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of all of the Notes may be declared due and payable in
the manner, with the effect and subject to the conditions provided in the
Indenture.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Note
at the place, rate and respective times and in the coin or currency herein and
in the Indenture prescribed.

            The Indenture contains provisions for defeasance at any time of (a)
the entire indebtedness of this Note and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein.

            The Notes are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Notes may be
exchanged for a like aggregate principal amount of Notes of other authorized
denominations at the office or agency of the Company in the Borough of
Manhattan, The City of New York, designated for such purpose and in the manner
and subject to the limitations provided in the Indenture.

            The Trustee will be the Paying Agent and the Security Registrar with
respect to the Notes. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent or Security Registrar, to appoint
additional or other Paying Agents and other Security Registrars, which may

<PAGE>
                                                                              10


include the Company, and to approve any change in the office through which any
Paying Agent or Security Registrar acts; provided that there will at all times
be a Paying Agent in The City of New York and there will be no more than one
Security Registrar for the Notes.

            So long as the Notes are listed on the Luxembourg Stock Exchange and
the rules of such exchange so require, the Company shall maintain a paying agent
and transfer agent in Luxembourg. The Company initially appoints DEXIA Banque
Internationale a Luxembourg S.A. as Luxembourg Paying Agent and Luxembourg
Transfer Agent in connection with the Notes. The Company will appoint DEXIA
Banque Internationale a Luxembourg S.A. as transfer agent in Luxembourg in the
event independent Securities are issued pursuant to the Indenture. If the Notes
are listed on any other securities exchange, the Company will satisfy any
requirement at such securities exchange as to paying agents. So long as the
Notes are listed on the Luxembourg Stock Exchange, any change in the paying
agent or transfer agent shall be notified to holders of Securities by
publication of notices to the holders of the Securities in accordance with the
provisions described above.

            Upon due presentment for registration of transfer of this Note at
the office or agency of the Company in the Borough of Manhattan, The City of New
York designated for such purpose, a new Note or Notes of authorized
denominations for a like aggregate principal amount will be issued to the
transferee in exchange therefor, subject to the limitations provided in the
Indenture.

            No charge shall be made for any such transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge imposed in connection therewith.

            The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and none of the Company,
the Trustee or any such agent shall be affected by notice to the contrary.

            Unless otherwise defined herein, all terms used in this Note that
are defined in the Indenture shall have the meanings assigned to them in the
Indenture.

<PAGE>
                                                                              11


            This Note shall be governed by and construed in accordance with the
laws of the State of New York without giving effect to the conflict of laws
provisions thereof.

<PAGE>
                                                                              12


                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

      (Print or type assignee's name, address and zip code)

      (Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint agent to transfer this Security on the books of the
Company. The agent may substitute another to act for him.

--------------------------------------------------------------------------------


Date: ________________                  Your Signature: ________________________

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Security.

In connection with any transfer of any of the Securities evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance
of such Securities and the last date, if any, on which such Securities were
owned by the Company or any Affiliate of the Company, the undersigned confirms
that such Securities are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

      (1)   |_|   to the Company; or

      (2)   |_|   pursuant to an effective registration statement under the
                  Securities Act of 1933; or

      (3)   |_|   inside the United States to a "qualified institutional
                  buyer" (as defined in Rule 144A under the Securities Act of
                  1933) that purchases for its own account or for the account of
                  a qualified institutional buyer to whom notice is given that
                  such transfer is being made in reliance on Rule 144A, in each
                  case pursuant to and in compliance with Rule

<PAGE>
                                                                              13


                  144A under the Securities Act of 1933; or

      (4)   |_|   outside the United States in an offshore transaction
                  within the meaning of Regulation S under the Securities Act in
                  compliance with Rule 904 under the Securities Act of 1933; or

      (5)   |_|   to an institutional "accredited investor" (as defined in
                  Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
                  1933) that is purchasing Securities in a minimum principal
                  amount or $250,000 and that has furnished to the Trustee a
                  signed letter containing certain representations and
                  agreements (the form of which letter can be obtained from the
                  Trustee or the Company); or

      (6)   |_|   pursuant to another available exemption from registration
                  provided by Rule 144 under the Securities Act of 1933.

      Unless one of the boxes is checked, the Trustee will refuse to register
      any of the Securities evidenced by this certificate in the name of any
      person other than the registered holder thereof; provided, however, that
      if box (4), (5) or (6) is checked, the Trustee may require, prior to
      registering any such transfer of the Securities, such legal opinions,
      certifications and other information as the Company has reasonably
      requested to confirm that such transfer is being made pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the Securities Act of 1933.


                                        ________________________________________
                                                    Your Signature

Signature Guarantee:


Date: ______________________            ________________________________________
Signature must be guaranteed                    Signature of Signature

by a participant in a                                 Guarantee
recognized signature guaranty
medallion program or other
signature guarantor acceptable
--------------------------------------------------------------------------------

<PAGE>
                                                                              14


to the Trustee

--------------------------------------------------------------------------------

<PAGE>
                                                                              15


              TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

            The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned's foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

Dated: ____________________             ________________________________________
                                        NOTICE:  To be executed by
                                                 an executive
                                                 officer

<PAGE>
                                                                              16


                      [TO BE ATTACHED TO GLOBAL SECURITIES]

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

            The initial principal amount of this Global Security is
$400,000,000. The following increases or decreases in this Global Security have
been made:

Date of       Amount of       Amount of         Principal           Signature
Exchange      decrease in     increase in       amount of           of
              Principal       Principal         this Global         authorized
              Amount of       Amount of         Security            signatory
              this Global     this Global       following           of Trustee
              Security        Security          such                or
                                                decrease or         Securities
                                                increase            Custodian