Milbank LLP advised the initial purchasers in connection with the inaugural $300 million offering of 6.750% sustainability-linked notes due 2023 issued by Instituto Costarricense de Electricidad (“ICE”), a state-owned utility and Costa Rica’s largest power supplier. ICE is also the country’s leading telephone and broadband service provider, including a 100% share of Costa Rican landlines.
The Milbank deal team was led by Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, along with associate Gonzalo Guitart and international attorneys Marco Zaldivar and Josefina Wilkins. The team also included Tax partner Andrew Walker and associate Ben Heller.
Mr. Mottesi said, “We are pleased to have advised the initial purchasers in ICE’s inaugural sustainability bond offering, marking ICE’s return to the international capital markets.”
In the past year, Milbank has advised on several other sustainability-linked issuances in the region including, the initial purchasers in its $403 million Rule 144A green project bond offering by Inversiones Latin América Power ("ILAP"), the first-ever sustainability bond by a Latin America financial institution for Banco Continental and FS Bioenergia in its $550 million inaugural green bond offering.
