Brigard Urrutia has represented Ecopetrol in a USD $400 million senior unsecured term loan through multiple disbursements, led by BBVA and MUFG Bank as lead arrangers.
The transaction, which closed on 15 May, involved the Colombian and US (New York) jurisdictions. Shearman and Sterling acted as counsel to the debtor in the US, while Gómez-Pinzón and Milbank acted as counsel to the lenders in Colombia and the US, respectively.
The advice involved assisting the company in Colombian regulatory matters, as well as in the preparation, negotiation and closing of the relevant loan documentation required for the refinancing under Colombian law. It also required assistance to Ecopetrol in navigating the regulatory requirements for state-owned entity liability management transactions and obtaining the relevant authorisations from the Colombian Ministry of Finance.
BU’s team was led by partner María Fernanda Diago (pictured left), with support from partner Carlos Fradique-Mendez (pictured right) and associates Juan Eduardo Gómez Londoño, Diego Perea Baptiste and Maria Alejandra Cadena.