BU advises Promigas, Surtigas and GdO on social bond issuance
Brigard Urrutia and Mayer Brown advised Promigas, Surtigas and Gases de Occidente (GdO) in the first syndicated issue of social bonds made in the Second Colombian Market, with the support of the International Finance Corporation (IFC).
The issue had a global quota of $540,000 million pesos, with a first batch successfully placed for a value of $358,100 million pesos. The transaction arose from the agreement under New York Law between IFC, as investor, and Promigas, Surtigas and Gases de Occidente, as issuers, and was made on December 19, 2024 through the second market and registered in the RNVE with prior authorization from the SFC.
The proceeds of the issue will be used to finance the Brilla Program, which provides financing to vulnerable Colombian households with little access to formal credit in strata 1, 2 and 3, using household natural gas service.
IFC was advised by Gómez Pinzón and A&O Sherman.
BU’s team was led by managing partner Carlos Fradique-Méndez (pictured left) and partner Luis Gabriel Morcillo (pictured right), with support from associates Nicolás Arocha and Daniela Tangarife.
