Milbank LLP advised the Metropolitan Municipality of Lima as originator and guarantor in the consent solicitation and reopening of the 10.100% securitization bonds due 2043, backed by the Alcabala Tax and Motor Vehicle Tax, for additional bonds in aggregate principal amount of S/1.25 billion. The proceeds of the securitization bonds will be used to partially finance an additional portfolio of nine public investment projects that address infrastructure and public service needs in Lima, Peru.
Milbank advised the Metropolitan Municipality of Lima on the first issuance in December 2023, which was the first-ever 20-year term bond offering denominated in Soles and the first-ever Lima government offering in the international capital markets.
“We are honored to have advised the Metropolitan Municipality of Lima on these novel bond offerings,” said Marcelo Mottesi, chair of Milbank’s Corporate Finance and Securities practice and co-head of the firm’s Latin America group. “This follow-on issuance not only highlights the success of the original first-of-its kind offering, but will further finance the Municipality’s development program, including several important infrastructure projects.”
The Milbank team was led by Mr. Mottesi along with special counsel Andres Osornio Ocaranza, associate Agustin Videla and international attorney Pamela Molina.
