Milbank, Tweed, Hadley & McCloy LLP advised the initial purchaser in the $300 million offering of 6.50% subordinated notes due 2027 by Banco GNB Sudameris S.A., a Colombian bank, with operations in Colombia, Paraguay and Peru. GNB Sudameris will use the proceeds of the issuance to finance a new merchant banking subsidiary and for general corporate purposes.
The Milbank team was led by Global Capital Markets partner Marcelo Mottesi along with associates Gladisley Sánchez, Theo Hart, and Claudia Paniague. The Tax team was led by partner Andrew Walker along with associate Jules Mugema.
Mr. Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, said: “We are pleased to continue working with leading companies and underwriters in bringing to market offerings in the growing economy of Colombia.”
Milbank’s New York Office continues to be a major legal presence in Colombia. In 2016, Milbank advised on a series of noteworthy transactions related to Colombia’s massive 4G road infrastructure program, which includes 47 projects worth $25 billion, to rehabilitate and operate an extensive series of highways. This includes the representation of Colombian Concessionaire Concesión Pacífico Tres S.A.S. and its sponsors, in connection with structuring a dual-currency project bond and financing package, the first debt financing of its kind tied to a toll-road concession infrastructure plan.
Milbank also advised on several matters in the energy sector, including representing Colombian power company, Empresas Públicas de Medellín, in securing a $1 billion loan from a consortium of international banks, in which proceeds will be used to help fund the Ituango hydroelectric power plant and the underwriters in the $500 million offering of Ecopetrol, Colombia’s largest petroleum company.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
