BU acts on $500m financing for Grupo Sura
Brigard Urrutia has advised Grupo de Inversiones Suramericana (Grupo Sura) on the USD 500 million club deal financing with Banco Bilbao Vizcaya Argentaria, BBVA (New York Branch), Itaú Chile (New York Branch), Banco General, Banco Latinoamericano de Comercio Exterior (Bladex), and Citibank (Citi).
The proceeds of the loan were used to finance the tender offer to acquire shares of Grupo Nutresa, a food-processing conglomerate based in Colombia. In addition, it will allow Grupo SURA to have available resources for future liquidity needs arising from ongoing transactions, while maintaining adequate levels of indebtedness, liquidity and solvency.
Sura is a Latin American regional financial and related services company, with core investments in the leading bank in Colombia, the leader in the regional pension management industry, and the third largest insurance company of Latin American origin.
Simpson Thacher also advised Grupo Sura on an international basis. Clifford Chance has advised Citibank, Banco Bilbao Vizcaya Argentaria (New York Branch), Banco General, Banco Latinoamericano de Comercio Exterior and Itaú Chile (New York Branch), as lenders.
BU’s team was led by partner Cesar Felipe Rodriguez Parra (pictured), with the support of Santiago Jaramillo Martinez from the Banking and Financial Services area, among other lawyers.
Simpson Thacher’s team comprised Juan F. Mendez, Jomar Vargas, Laura Ribero and José M. Colin from the Credit team; Michael Mann advising on Tax matters; Jeanne M. Annarumma from the Executive Compensation & Employee Benefits team; and Michael Isby advising on Environmental matters.
Clifford Chance’s team included partner Hugo Triaca and associate Andrés Berry, and included associates Paula Ferreira and Maria Fernanda Gadea Rivera and lawyer Agata Radajczyk. Partner Avrohom Gelber and associate Wei Bin Tan provided tax advice and partner Megan Gordon and counsel Catherine Ennis and Jacqueline Landells advised on compliance matters.
