Milbank LLP represented the initial purchasers in the inaugural $500 million offering of 5.125% senior notes due 2049 issued by Empresa de Transmisión Eléctrica S.A. (ETESA). The notes were listed and admitted to trading on the Panama Stock Exchange. The issuer holds a concession for the transmission of high voltage power across Panama. The proceeds from the notes were used to repay existing indebtedness.
The Milbank deal team was led by partner Marcelo Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, along with special counsel Ben Garcia, associate Gonzalo Guitart and international attorney Victor Leon Chiri. The team also included New York Tax partner Andrew Walker and associate Benjamin Heller.
Mr. Mottesi said: “Milbank is pleased to represent the initial purchasers in another inaugural bond offering in Latin America and maintain our dominant presence within the Panamanian market.”
Milbank has previously worked on several other important transactions in Panama, including Aeropuerto Internacional de Tocumen S.A., the Panama Canal Authority, Banco General and AES Panamá.