Milbank, Tweed, Hadley & McCloy represented leading Colombian telecommunications company Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. (ETB) in its issuance of nearly $300 million in local-currency-denominated senior notes, due 2023.
The 7% notes were issued for a total amount of 530 billion Colombian pesos.
ETB, a company controlled by the government of City of Bogota, is Colombia’s largest provider of broadband Internet connections and the country’s second-largest telecomm in terms of fixed-line services.
New York-based Global Securities partner Carlos Albarracín, who led the Milbank team, said, “We’re pleased to work on this offering for one of Colombia’s leading telecom providers. Colombia has become one of the most dynamic economies in South America and the telecommunications market in Colombia is booming.”
Milbank has been highly active of late advising on transactions in Colombia. The firm recently represented development banks in financing a US$390 million expansion of the El Dorado International Airport in Bogotá – the facility handles more cargo than any airport in South America. Also in late 2012, Milbank advised leading Chilean retailer Cencosud in acquiring more than 90 prime shopping outlets across Colombia formerly owned by French mega-retailer Carrefour – the acquisition was valued at US$2.6 billion.
In addition to Mr. Albarracín, Milbank attorneys representing ETB included New York-based Tax partner Andrew Walker, New York Global Securities associate Michael Lee and Hernando Becerra, and international attorneys, Maria Camila Bages, Lucrecia von Petery, and Rodrigo Sanchez.
