Milbank LLP is pleased to announce that it was awarded “Emerging Markets: Latin America Bond of the Year” at the 2021 IFR Awards for its role in the US$1.855 billion secured bond issuance by Aeropuerto Internacional de Tocumen, S.A. Milbank and other winners will be recognized at the IFR Awards Dinner on April 25, 2022 in London.
According to IFR, the deal was the largest corporate issuance from Panama and Central America in 2021. The deal raised capital, lowered debt service costs and was structured to earn investment-grade ratings. It also secured the lowest yields and coupons for Tocumen.
Milbank advised the initial purchasers in the bond issuance. The Tocumen project was the firm’s fourth completed international bond offering by the issuer. Some of the proceeds from the Tocumen transaction were placed in a COVID-19 recovery fund, while other proceeds were used to finance the concurrent tender offer of its outstanding notes, including its 5.625% 2036 notes 6.000% 2048 notes.
The Milbank deal team was led by Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group and Dan Bartfeld, head of Milbank’s Global Project, Energy and Infrastructure practice and co-head of the firm’s Latin America Group, with Global Capital Markets associates Andres Osornio, Maria Velasco, Marcela Barba, Jordan Dror and Jasmine Khaneja and Global Project, Energy and Infrastructure associate Katherine Hannah. The team also included Tax partner Andrew Walker and associate David Hanno.
“We are honored to receive recognition from IFR for this landmark transaction,” said Mr. Mottesi. “Milbank continues to be a trusted advisor in the Latin America region, which is underscored by our repeated representation on the market’s most innovative projects and of its most prominent participants.”
IFR is the leading source of fixed income, capital markets and investment banking news analysis and commentary. IFR Awards 2021 winners were announced on February 18, 2022.
