Barros & Errázuriz advises underwriters in Colbún’s US$500 million bond issuance

Chilean law firm Barros & Errázuriz Abogados (B&E) has represented BBVA Securities.; BofA Securities; J.P. Morgan Securities; Santander US Capital Markets; SMBC Nikko Securities America; Mizuho Securities USA; and MUFG Securities Americas in their role as underwriters in the issuance and placement of US$500 million in corporate bonds by Colbún, one of Chile’s leading energy companies.

The transaction was carried out under Rule 144A and Regulation S of the U.S. Securities and Exchange Commission, marking another major cross-border financing involving Chile, the United States, and Peru.

B&E’s advice covered a comprehensive due diligence process on Colbún’s key business aspects and potential contingencies, as well as the review and drafting of offering documentation under Chilean law—including the offering memorandum and purchase agreement. The firm also issued a Chilean law legal opinion and assisted throughout the bond placement process.

Additionally, the team advised on the cash tender offer for all outstanding 3.950% Notes due 2027, issued previously by Colbún, from a Chilean legal perspective.

The B&E team was led by partners Pablo Guerrero (pictured left) and Vicente Cordero (pictured right), supported by Carola Trucco, José Luis Corvalán, Cristóbal Pellegrini, María Luisa Marraccini, Juan Ignacio Galdámez, Catalina Barros, Manuela Ulloa, María Izcue, Daniela Raglianti, Francisca Rojas, Milton Gutcovsky, and Rodrigo Palavecino.

Garrigues acted as legal counsel to Colbún in Chile, while Milbank advised the company in the United States. Simpson Thacher & Bartlett served as U.S. counsel to the underwriters.