Milbank, Tweed, Hadley & McCloy’s Latin America capital markets practice ended 2013 on a strong note, closing three transactions in December with a total value of $2.25 billion in Chile, Argentina and Mexico. Including these three deals, Milbank’s Latin America securities practice in 2013 advised on over 55 transactions across the region with an approximate value of over $26 billion.
Marcelo Mottesi, head of Milbank’s Global Securities practice group, said, “It’s very gratifying to have been able to demonstrate the strength of our securities practice across Latin America over the past year. The continued widespread interest among international investors further demonstrates the health of many Latin American economies.”
Details on the three year-ending transactions:
- Milbank represented Citigroup Global Capital Markets and Goldman Sachs as joint bookrunners in a $450 million subordinated bond issuance by AES Gener S.A., Chile’s second-largest power producer. It was the largest corporate subordinated bond transaction in Latin America and the first time corporate subordinated bonds were issued in Chile.
- Milbank represented Goldman Sachs and affiliates, as initial purchaser, lead arranger, bookrunner, manager, and lender, in a three-tranche financing by Concesionaria Mexiquense, S.A. de C.V. (Conmex), an operating subsidiary of transportation infrastructure builder OHL Mexico, valued at approximately $1.15 billion (14.5 billion Mexican pesos). The transaction included an offering of notes denominated in Mexico’s inflation unit, UDIs (Unidades de Inversion), which also included zero-coupon notes; a Mexican pesos denominated loan agreement to Conmex; and a U.S. dollar denominated loan agreement to one of Conmex’s parent companies.
- Milbank represented Itaú BBA and Morgan Stanley as joint bookrunners and joint lead managers in a $500 million issuance by Argentine fuel exploration and production company YPF Sociedad Anónima. It was the first Rule 144A deal in the U.S. for YPF in more than a decade.
