Patrimonio Autónomo Montes de María’s US$209 Million Social Bonds Offering

Philippi Prietocarrizosa Ferrero DU & Uría, Philippi Prietocarrizosa Ferrero DU & Uría, Latham & Watkins, Paul Hastings, Milbank, Hogan Lovells, Alston & Bird, Norton Rose, Posse Herrera Ruiz, and Brigard & Urrutia advised on the transaction.

Patrimonio Autónomo Montes de María issued an offering of COP$760 billion (approx. US$209 million) senior secured, UVR indexed, Rule 144A / Reg S social bonds due 2045.

A major portion of the proceeds of the bonds were used to refinance the Mini-Perm loan obtained in December 2019 by Sociedad Concesionaria Vial Montes de María S.A.S. (the SPV of Sacyr developing the 4G toll road Project Puerta de Hierro – Cruz del Viso). The remaining proceeds will be used to complete construction of the project.

This is the first social bond linked to an infraestructure project  in Latin America and the first bond guaranteed by the US International Development Finance Corporation – DFC. The DFC guaranty was counterguaranteed by Assured Guaranty (AG).

BTG Pactual and Banco Santander acted as bookrunners for this offeirng.

Philippi Prietocarrizosa Ferrero DU & Uría acted as Colombian counsel to the bookrunners with Hernando Padilla (Partner; Picture), Carlos Padilla (Partner); Jorge Di Terlizzi (Partner); Ximena González (Associate) and Pedro Arango (Associate).

Philippi Prietocarrizosa Ferrero DU & Uría also acted as Colombian counsel to Cititrust with Nicolás Tirado (Partner) and Alejandro Medina (Associate).

Latham & Watkins acted as New York counsel to the bookrunners with Guido Liniado (Partner), Alejandro Espitia (Associate) and Giancarlo Reanda (Associate).

Paul Hastings acted as New York counsel to the Sponsor with Cathleen Mclaughlin (Partner), Juan Martín Estrada (Associate) and Anna Barbosa (Associate).

Milbank acted as New York counselt to DFC with Carlos Albarracín (Partner), Lyndon Plothow (Associate), Marco Zaldivar (Associate), Alec Borisoff (Partner), Anna Zauner (Partner) and Alexis Sáinz (Special counsel).

Hogan Lovells acted as New York counsel to AG with a team led by David Locascio (Partner).

Alston & Bird acted as New York counsel to Citibank with a team led by Brad Johnson (Partner).

Norton Rose acted as New York counsel to Fiduciaria Bancolombia with a team inlcuding Jose Cobena (Counsel).

Posse Herrera Ruiz acted as Colombian counsel to the Sponsor with Mariana Posse (Partner), Cristina Vásquez (Partner), Jesús Albarrán (Associate), Mauricio Nieto (Associate), Maria Elvira Borrero (Associate) and Carolina Puentes (Associate).

Brigard & Urrutia acted as Colombian counsel to DFC and AG with César Rodríguez (Partner), Santiago Jaramillo (Associate) and Nicolás Posada (Associate).

Involved fees earner: Brad Johnson – Alston & Bird LLP; Santiago Jaramillo Martínez – Brigard & Urrutia; Nicolás Posada – Brigard & Urrutia; César Rodríguez – Brigard & Urrutia; David Locascio – Hogan Lovells; Alejandro Espitia – Latham & Watkins; Guido Liniado – Latham & Watkins; Giancarlo Reanda – Latham & Watkins; Carlos Albarracín – Milbank LLP; Alexander Borisoff – Milbank LLP; Lyndon Plothow – Milbank LLP; Alexis Sainz – Milbank LLP; Marco Zaldivar – Milbank LLP; Anna Zauner – Milbank LLP; José Cobeña – Norton Rose Fulbright; Anna Barbosa – Paul Hastings LLP; Juan Martín Estrada – Paul Hastings LLP; Cathleen McLaughlin – Paul Hastings LLP; Pedro Arango – Philippi Prietocarrizosa Ferrero DU & Uría; Jorge Di Terlizzi – Philippi Prietocarrizosa Ferrero DU & Uría; Ximena González Cardozo – Philippi Prietocarrizosa Ferrero DU & Uría; Alejandro Medina Benavides – Philippi Prietocarrizosa Ferrero DU & Uría; Hernando Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Carlos Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Nicolás Tirado – Philippi Prietocarrizosa Ferrero DU & Uría; Jesús Albarrán – Posse Herrera Ruiz; Maria Elvira Borrero – Posse Herrera Ruiz; Mauricio Nieto – Posse Herrera Ruiz; Mariana Posse – Posse Herrera Ruiz; Carolina Puentes – Posse Herrera Ruiz; Cristina Vásquez – Posse Herrera Ruiz;

Law Firms: Alston & Bird LLP; Brigard & Urrutia; Hogan Lovells; Latham & Watkins; Milbank LLP; Norton Rose Fulbright; Paul Hastings LLP; Philippi Prietocarrizosa Ferrero DU & Uría; Posse Herrera Ruiz;

Clients: Assured Guaranty Ltd; Banco Santander Sa; BTG Pactual; Citibank; Cititrust Colombia S.A.; Fiduciaria Bancolombia S.A.; Sacyr Concesiones Colombia, S.A.S.; U.S. International Development Finance Corporation;

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