The Colombian district of Barranquilla has called on Clifford Chance LLP in New York for its debut on the international capital markets, raising US$350 million through a sustainable notes issuance.
Mayer Brown LLP in New York and Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) assisted the banks.
Latin Lawyer understands that Colombian firm Mendoza also advised the issuer but could not confirm this before publishing.
The deal closed on 23 July.
The issuance marks the first sustainable notes offering by a Colombian district in the international capital markets.
Barranquilla will use the proceeds to repay existing indebtedness, with an amount equal to the proceeds allocated to finance or refinance eligible green and social projects under its sustainable financing framework. This includes improvements to the Gran Malecón del Río, public markets and hospitals.
The deal follows in the footsteps of the US$600 million green bond issuance by the city of Bogotá in November, understood to have been the first offering of its kind by a Latin American city. Mayer Brown and Mendoza advised the issuer on that deal, while Clifford Chance and Cuatrecasas (Colombia) assisted the underwriters. Norton Rose Fulbright, PPU and A&O Shearman also acted on the transaction.
Counsel to Distrito Especial, Industrial y Portuario de Barranquilla
Clifford Chance LLP
Partner Hugo Triaca and associate David Rondon in New York
Counsel to JPMorgan Securities, Itaú BBA USA Securities, Scotia Capital (USA)
Mayer Brown LLP
Partner Juan Pablo Moreno, associate Luis Schrader, and foreign associate Maria Parga in New York
Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)
Partner Hernando Padilla and associates Ximena Gonzalez and Neider Londoño in Bogotá.
