February 3, 2014

Milbank Represents Underwriters in $829M Secondary Offering by Banco de Chile

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FOR IMMEDIATE RELEASE

NEW YORK, February 3, 2014 – Milbank, Tweed, Hadley & McCloy has represented underwriters Citigroup, Bank of America Merrill Lynch, Deutsche Bank Securities, and BTG Pactual S.A. in the $829 million secondary offering by Banco de Chile (NYSE: BCH), one of Chile’s largest banks.

The offering of 6.7 billion common shares of Banco de Chile was made by Chilean investment firm LQ Inversiones Financieras S.A., which will receive all of the proceeds from the sale. Of the total offering, approximately 4.9 billion shares were sold on the Santiago Stock Exchange, and the remaining 1.8 billion shares were sold to the underwriters outside Chile in the form of American Depositary Shares (ADSs).

New York-based partner Marcelo Mottesi, head of Milbank’s capital markets practice and member of its Latin America practice group, led the deal team, which also consisted of Securities partner Paul Denaro, Securities associates Michael Lee and Pablo Echeverri, and international attorney Juan Turner.

“We’re very pleased to work with the underwriter group in bringing this sizable equity offering to market,” said Mr. Mottesi. “It reflects the underlying vitality of Chile’s banking sector and the strong interest in offerings coming out of Latin America.”

Milbank also recently represented the underwriters in the $450 million bond issuance by Chile’s second-largest power producer AES Gener.

About Milbank

Milbank's Latin America Practice Group is one of the most successful and diverse in the region. For the past three years, Milbank has been named the “Top Project Finance Law Firm” in Latin America by Chambers. The group’s attorneys have advised clients on some of the largest and most innovative transactions across the Americas, including Argentina, Brazil, Chile, Colombia, the Dominican Republic, Mexico and Peru. Attorneys in the group specialize in securities, M&A, project finance, private placements, litigation & arbitration.