Two Simpson Thacher & Bartlett LLP offices, Panama’s Alfaro, Ferrer & Ramírez, Bofill Mir Abogados in Santiago, Jones Day (Mexico), Spingarn in Quito, Campbells LLP in the Cayman Islands and Walkers in Bermuda have helped Colombian airline Avianca issue notes worth US$600 million.
Two Davis Polk & Wardwell LLP offices, Philippi Prietocarrizosa Ferrero DU & Uría (Colombia), and Arias in El Salvador, Costa Rica and Panama advised the banks on the deal.
Latin Lawyer understands that Avianca also relied on GrahamThompson in Bahamas and local firm Pérez-Llorca (Colombia), as well as BLP in Costa Rica, El Salvador and Guatemala, while Ecuador’s ROBALINO and Cox Hallett Wilkinson in Bermuda are thought to have helped the underwriters, but these details could not be confirmed before publishing.
The deal closed on 28 January.
Avianca will use the proceeds to partially pay back existing debt due in 2028 and for general corporate purposes.
The debt was guaranteed by parent company Avianca Group International Limited and several of its Latin American subsidiaries.
The offering comes amid other noteworthy capital markets activity in Latin America’s aviation sector recently. In November, Brazil’s Demarest Advogados helped the Brazilian subsidiary of Spanish airport operator Aena issue US$1.1 billion in debentures, with Brazil’s Lobo de Rizzo Advogados advising the lenders. In the same month, international firm Clifford Chance LLP and Pérez Bustamante & Ponce (PBP) in Quito assisted Ecuadorean airport concessionaire Quiport on a US$500 million notes and loan package, while international firm White & Case LLP and Ecuador’s Noboa, Peña & Torres Abogados acted for the banks. Flor Bustamante Pizarro & Hurtado in Quito assisted TMF as administrative agent.
Counsel to Citigroup Global Markets, Deutsche Bank Securities, JP Morgan Securities, Barclays Capital, Credit Agricole Securities, Goldman Sachs, Morgan Stanley and BNP Paribas Securities
Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)
Partner Hernando Padilla and associates Ximena Gonzalez, Luis Alfredo Torres, Manuela Arenas and Juan Camilo Pachón in Bogotá
