NEW YORK, May 22, 2013 – In its latest major financings in Latin America, Milbank, Tweed, Hadley & McCloy has advised underwriters in a pair of Costa Rican debt issuances, by the central government and the country’s largest electrical utility. The offerings raised a total of $1.5 billion.
Securities partner Marcelo Mottesi led the Milbank teams in both transactions.
In the first, the firm represented Barclays and Deutsche Bank Securities as arrangers and initial purchasers in the Costa Rican government’s issuance of two sovereign bond series: $500 million of 4.375% notes due 2025, and $500 million of 5.625% bonds due 2043. Assisting Mr. Mottesi were Milbank associates Jeremy Steckel and George Naya of the New York office.
In the second deal, the firm represented Citigroup and Deutsche Bank as initial purchasers of $500 million of 6.375% Senior Notes, due 2043, issued by Instituto Costarricense de Electricidad, 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. Proceeds from the offering are expected to be used for capital expenditures, general corporate expenses, and paying down existing debt.
In addition to Mr. Mottesi, New York-based Tax partner Andrew Walker, associates Joseph Reich and Elizabeth Rosado, and international attorney Rodrigo Sanchez, contributed to the ICE transaction.
Mr. Mottesi said, “We are very happy to have played a central role in these offerings by the government of Costa Rica and the country’s largest telecom provider. Investor demand for both issues was strong and demonstrates the worthiness and stability of the country’s debt, which is also passed on to its state-owned enterprises.”
In the past year, Milbank has worked on several other large sovereign debt offerings, including Guatemala’s issuance of $700 million in 10-year notes and Bermuda’s issue of $475 million in 10-year notes.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
Milbank's Latin America Practice Group is one of the most successful and diverse in the region. The group’s attorneys have advised clients on some of the largest and most innovative transactions across the Americas. Attorneys in the group specialize in securities, M&A, project finance, private placements, litigation & arbitration.
