NEW YORK, May 22, 2007 – The Republic of Trinidad and Tobago, acting through the Ministry of Finance, has issued US$150 million of 5.875% notes due 2027 under Rule 144A/Regulation S. Leveraging its experience in sovereign bond issuances and its leadership in financings in the Caribbean region, the international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner Taisa Markus, represented Citigroup Global Markets Inc. as initial purchaser of the offering.
Ms. Markus noted, “The recent surge in oil and gas prices has contributed significantly to the Republic’s having a relatively stable economy. The Republic is well positioned for further growth and pursuing its Vision 2020 objective of attaining developed country status by 2020 through diversification of the economy and promotion of social objectives. Accessing the international capital markets through offerings such as this one will allow the Republic to work toward these goals.”
New York-based global securities partner Taisa Markus was supported by securities associate Armando Valdes. New York-based partner Bruce Kayle provided tax advice and was assisted by associate Benjamin Suhr.
About the Republic of Trinidad and Tobago
Trinidad and Tobago has the largest economy in the Caribbean. The Republic’s sovereign rating by Standard & Poor's is “A-“, the second highest in Latin America and the Caribbean after Chile, and its sovereign rating by Moody’s Investor Service is "Baa1". Proceeds of the US$150 million issuance are intended for general budgetary purposes including the repayment of debt.
Milbank’s Latin America Practice Group
Milbank’s Latin America Practice Group has played a prominent role in some of the region’s most innovative and complex transactions, including securities offerings, M&A, project financings and restructurings. Milbank’s Latin America Practice Group is renowned for its leadership in sophisticated cross-border transactions and combines both the transactional and regulatory expertise necessary to successfully negotiate and close innovative securities offerings and other transactions across a wide range of industries.
Milbank’s Latin America Practice Group has been involved in a number of “first of its kind” transactions in Latin America. Recent notable engagements in the past several months include:
- $466 Million Banco Compartamos Stock Offering: Milbank represented Mexico’s top microfinance bank, Banco Compartamos, in the first IPO by a Latin American microcredit lender.
- 3 Billion Pesos Controladora Comercical Mexicana (“CCM”) EuroPeso Note Offering: Milbank represented lead manager Merrill Lynch in leading Mexican retailer CCM’s high-yield offering. Only the third europeso offering in Mexico to date, this financing structure is expected to become increasingly popular since it allows Mexican companies to borrow in pesos and US investors to be paid in dollars.
- $217 Million Grupo Simec Offering: Milbank represented the underwriter Citigroup Global Markets in North American steel maker Grupo Simec’s concurrent offering of shares in Mexico and ADSs in global markets. This is the first SEC registered equity offering out of Mexico in 2007.
- $6 billion CVRD Pre-Export Financing: Milbank represented metals & mining company Companhia Vale do Rio Doce (“CVRD”) and CVRD International in a $6 billion pre-export financing. The financing, unprecedented in size, underscored the market strength of CVRD and the successful strategy of positioning the company as a global borrower.
- $1 billion Vitro High Yield Offering: Milbank represented Mexican glass manufacturer Vitro, S.A.B. de C.V. in a $1 billion high-yield offering, the largest Latin American high yield offering ever. The proceeds of the offering were used to complete the company’s restructuring.
- $650 million Satmex Restructuring: Milbank represented Satélites Mexicanos, S.A. de C.V. (“Satmex”), Mexico’s leading satellite service provider, in its complex
cross-border restructuring. The innovative, comprehensive restructuring process took several years to complete due to its cross-border nature (Mexican company with U.S. debt and equity holders), equity structure (23% owned by the Mexican Government) and a reliance on concessions from the Mexican Government and Mexican regulators for the continued operation of its business. Satmex was named 2006 “Restructuring Deal of the Year” by Latin Finance Magazine. - $200 Million IUSA Offering: Milbank represented Industrias Unidas, S.A. de C.V. (“IUSA”), one of the largest conglomerates in Mexico, in its inaugural US high-yield securities offering.
- $600 Million Banorte Offering: Milbank represented Banco Mercantile del Norte S.A. (“Banorte”), the largest non-foreign owned bank in Mexico, in its issuance of $600 million of “Tier I” and “Tier II” capital securities in the international capital markets. The offering marks the largest capital securities offering ever by a Mexican bank.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo and Washington, DC.