The firm recently represented Corp Group Banking S.A. (“Corp Group”) in an offering of US$500 million aggregate principal amount of 6.750% notes due 2023. The notes were offered and sold pursuant to Rule 144A and Regulation S of the U.S. Securities Act of 1933.
Corp Group is a privately-owned Chilean holding company that engages in banking and financial services through companies that it and its controlling shareholders control. Its main business is conducted through CorpBanca, one of Chile’s leading banks, and its fourth largest in terms of the size of its loan portfolio. CorpBanca provides a broad range of commercial and retail banking services to its customers, and its subsidiaries provide financial advisory services, mutual fund management, insurance brokerage and securities brokerage services. CorpBanca recently expanded its activities into Colombia with the acquisition in June 2012 of a 91.9% equity interest in Banco Santander Colombia (now known as CorpBanca Colombia). Corp Group also holds an interest in two of the leading insurance companies in Chile. Corp Group intends to use the proceeds from the offering to repay existing indebtedness and for general corporate purposes.
The Simpson Thacher team for the transaction included David L. Williams, William Langer, Luis Pellerano and Carolina Díaz (Capital Markets) and Jonathan Cantor and Jodi Sackel (Tax).
