Banistmo’s $400 Million Bond Offering

Sigma Abogados and Sullivan & Cromwell advised Banistmo on the deal. Cleary Gottlieb Steen & Hamilton and Arias, Fábrega & Fábrega – ARIFA represented initial purchasers in the offering.

Banistmo S.A. issued $400 million in principal amount of 4.250% senior notes due 2027.  The notes were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering, which represented Banistmo’s second international bond offering since its debut in 2017, priced on July 28, 2020 and closed on July 31, 2020.

BofA Securities, Citigroup and J.P. Morgan acted as initial purchasers for the offering.

Banistmo S.A. is one of the leading financial institutions in Panama and is a wholly-owned subsidiary of Bancolombia S.A., the largest bank in Colombia.

Sigma Abogados advised Banistmo S.A. with Cecilio Castillero, Mónica Moreno and Eric Carles.

Sullivan & Cromwell advised Banistmo S.A. in US.

The Cleary team advising the initial purchasers consisted of partners Francesca Odell (Picture) and Adam Brenneman and associates Martin Simonis and Omeed Firoozgan. Partner Jason Factor, senior attorney David Fisher, and associate Victoria Ju provided tax advice. Counsel Chase Kaniecki, senior attorney Jim Corsiglia, and associate Nathanael Kurcab advised on sanctions and anti-corruption matters.

In Panama Arias, Fábrega & Fábrega – ARIFA advised the initial purchasers with Estif Aparicio, Cedric Kinschots and  Ana Isabel Quijano.

Involved fees earner: Ana Isabel Quijano – Arias Fabrega & Fabrega; Estif Aparicio – Arias Fabrega & Fabrega; Cedric Kinschots – Arias Fabrega & Fabrega; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Omeed Firoozgan – Cleary Gottlieb Steen & Hamilton; Victoria Ju – Cleary Gottlieb Steen & Hamilton; Chase Kaniecki – Cleary Gottlieb Steen & Hamilton; Nathanael Felix Kurcab – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Martin Simonis – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Eric Carles – SIGMA Abogados; Cecilio Castillero – SIGMA Abogados; Mónica Moreno – SIGMA Abogados;

Law Firms: Arias Fabrega & Fabrega; Cleary Gottlieb Steen & Hamilton; SIGMA Abogados;

Clients: Banistmo S.A.; Bank of America Securities; Citigroup Inc.; J.P. Morgan Securities LLC;

Author: Ambrogio Visconti