Milbank LLP advised the Metropolitan Municipality of Lima as originator and guarantor in the offering by Credicorp Capital Sociedad Titulizadora S.A., on behalf of the Lima Infrastructure Trust, of S/1.205 billion in aggregate principal amount of 10.100% securitization bonds due 2043 backed by the Alcabala Tax and Motor Vehicle Tax. This represents the first issuance under the Metropolitan Municipality of Lima Alcabala Tax and Motor Vehicle Tax First Securitization Program of up to a maximum outstanding amount of S/4 billion. The proceeds of the securitization bonds will be used to finance fully or partially a portfolio of 42 public investment projects that address infrastructure and public service needs, and to repay certain existing internal indebtedness of the Metropolitan Municipality of Lima.
The Milbank deal team was led by Marcelo Mottesi, chair of Milbank’s Corporate Finance and Securities practice and co-head of the firm’s Latin America Group, along with special counsel Andres Osornio Ocaranza and associates Agustin Videla. The team also included Tax partner Andrew Walker and associate Howard Perlman.
Mr. Mottesi said, “We are pleased to have advised Metropolitan Municipality of Lima on this first-ever 20-year term bond offering denominated in Soles and as the first-ever local government offering in the international capital markets.”
