Empresas Públicas de Medellín E.S.P.’s $1.4 Billion Dual-Currency Bond Offering

Milbank LLP represented the initial purchasers in the dual-tranche notes offering by Empresas Públicas de Medellín E.S.P. (EPM), Colombia’s largest public utility services company.

The offering consisted of US$1 billion 4.250% senior notes due 2029 and concurrent COP$1,230 million (approximately US$382 million) reopening of its 8.375% senior notes due 2027, and concurrent tender offer for its 8.375% senior notes due 2021. This is the largest corporate bond in Colombia in 2019.

HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. acted as Dealer Managers for the Offer.

The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín (Picture), along with associates Andres Osornio, Jesus Narvaez and international attorney Henrique Antunes.

Involved fees earner: Carlos Albarracín – Milbank; Henrique Antunes – Milbank; Jesus Narvaez – Milbank; Andres Osornio Ocaranza – Milbank;

Law Firms: Milbank;

Clients: HSBC Securities; J.P. Morgan Securities LLC; Scotia Capital Inc.;

Author: Ambrogio Visconti