Milbank LLP represented the initial purchasers in the dual-tranche notes offering by Empresas Públicas de Medellín E.S.P. (EPM), Colombia’s largest public utility services company. The offering consisted of US$1 billion 4.250% senior notes due 2029 and concurrent COP$1,230 million (approximately US$382 million) reopening of its 8.375% senior notes due 2027, and concurrent tender offer for its 8.375% senior notes due 2021. This is the largest corporate bond in Colombia in 2019.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Andres Osornio, Jesus Narvaez and international attorney Henrique Antunes.
Mr. Albarracín said: “We are pleased to have once again represented the underwriters on an EPM international bond offering, which plays a major role in Colombia’s thriving economy. This further contributes to the continued development of power generation infrastructure to support Colombia’s growing market for electricity and evidences the strong commitment of international investors to support EPM and the Colombian power sector.”
Milbank continues to have a strong presence in Colombia and a deep client base in the country. Milbank recently represented the initial purchasers in the COP$2.3 trillion (approximately US$750 million) Colombian Peso-denominated Rule 144A senior notes offering by EPM, TGI (Colombia’s largest gas transmission company) in the $750M Rule 144A/Reg S note offering, Grupo Energía Bogotá in the COP$1.925 billion (approximately US$669 million) first ever dual-track secondary equity offering by a Colombia state-owned company and the lenders in Canadian private equity group Brookfield Asset Management's 1.8 billion peso (US$600 million) acquisition of a stake in Colombian power company Isagen from state-owned companies Empresa de Energía de Bogotá and Empresas Públicas de Medellín.
