Empresa de Transmisión Eléctrica’s $500 Million Inaugural Bond Offering

Milbank LLP and Alcogal 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.

Scotiabank Capital, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Banco General acted as initial purchaser in the deal.

The Milbank team was led by partner Marcelo Mottesi (Picture), 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.

The Alcogal team was led by partner Arturo Gerbaud and associates Rafael Marquínez and Rita de la Guardia.

Involved fees earner: Rita de la Guardia – Alemán, Cordero, Galindo & Lee; Arturo Gerbaud de la Guardia – Alemán, Cordero, Galindo & Lee; Rafael Marquínez – Alemán, Cordero, Galindo & Lee; Ben Garcia – Milbank; Gonzalo Guitart – Milbank; Benjamin Heller – Milbank; Víctor León Chiri – Milbank; Marcelo Mottesi – Milbank; Andrew Walker – Milbank;

Law Firms: Alemán, Cordero, Galindo & Lee; Milbank;

Clients: Banco General, S.A.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Scotiabank;

Author: Ambrogio Visconti