Milbank LLP is advising the underwriters, including Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc. and Scotia Capital (USA) Inc. in connection with the $2 billion offering of 10-year 8.875% notes due 2033 by Ecopetrol S.A., a Colombian mixed-economy oil and gas company.
The proceeds from the transaction were primarily used to prepay the remaining amount of an acquisition bridge loan used to finance Ecopetrol S.A.’s $4 billion acquisition of Interconexión Eléctrica – ISA, Latin America’s largest power transmission company.
The Milbank team was led by Global Capital Markets partner Carlos Albarracín along with associates Gonzalo Guitart, Sandhya Ramaswamy and Pablo Richards, and international attorney Enrique Lopez Scherer. The team also included Tax partner Andrew Walker.
Mr. Albarracín said, “We are pleased to have once again represented the underwriters on another major international bond offering by Ecopetrol, which plays a major role in Colombia’s economy. This transaction was three times oversubscribed, which evidenced investors’ confidence in Ecopetrol and Colombia despite the challenging market conditions of recent months. We hope this will pave the way for more capital markets offerings by Colombian and Latin American issuers in 2023 and beyond.”
