Carey and Simpson Thacher on Caja Los Andes first social bonds issue
Carey has advised Caja de Compensación de Asignación Familiar de los Andes (Caja Los Andes) on its first issue and placement of social bonds in the international markets, under regulation 144A/Reg S, for US$300 million.
The issue was made on 23 July, at a coupon rate of 7.00% and maturing in 2029. Davis Polk & Wardwell acted as international advisor to Caja Los Andes.
This is the first bond placement in the international markets by a Chilean compensation fund. The proceeds of this placement will be used to finance or refinance operations associated with the Caja’s social credit scheme, strengthening the financial inclusion and social welfare of its more than four million members.
BofA Securities, J.P. Morgan Securities, Santander US Capital Markets and SMBC Nikko Securities America acted as initial purchasers, and were advised by Garrigues and Simpson Thacher locally and internationally, respectively.
Andrés Medina and Natalia Núñez acted as in-house advisors to Caja Los Andes.
Carey’s team was led by partner Fernando Noriega (pictured left), with support from associates Diego Lasagna and Felipe Reyes.
Davis Polk & Wardwell’s team consisted of partner Maurice Blanco, and international attorney Rodrigo Martinez.
Simpson Thacher’s team comprised partner Juan Naveira (pictured right), senior counsel Kirsten Davis, associate Natalia Gutiérrez, international associate Alberto Mattos. Partner Jonathan Cantor and associate Ruoxi Zhang provided tax advice.
Garrigues’ team included partner Pedro García and senior associate Daniel Hernández.