Clifford Chance acts on GEB’s first sustainable bond issuance

Clifford Chance has advised the structuring agents, joint bookrunners and joint lead managers on the issuance by Grupo Energía Bogotá (GEB) of USD $400 million aggregate principal amount of its 7.850% Senior Notes due 2033. Cuatrecasas, through its office in Bogotá, acted as local counsel of GEB.

The bonds were listed on the Official List of the Singapore Exchange Securities Trading Limited. This is GEB’s first sustainable bond and marks GEB’s return to the international debt capital markets since its bond issue in 2020.

The net proceeds of the offering are expected to be used to finance or refinance one or more Eligible Green Projects and Eligible Social Projects in accordance with GEB’s Sustainable Financing Framework, specifically in relation to renewable energy transmission, energy efficiency and access to essential services and infrastructure in the communities where GEB operates.

J.P. Morgan Securities, Santander US Capital Markets and Scotia Capital acted as sustainable bond structuring agents, joint bookrunners and joint lead managers; and J.P. Morgan Securities also acted as development finance structuring agent.

GEB is a utility company organised under the laws of Colombia and majority owned by the District of Bogotá, which owns, develops and operates electricity and natural gas infrastructure assets throughout Latin America.

Cuatrecasas’ team included partner Manuel Quinche, senior associates Natalia Arango and Fabio Ardila, and associates Laura Salazar and Emilio Torres.

Clifford Chance’s team was led by partner Hugo Triaca (pictured) and included associate Joyce Moore and law clerk Adriana Cabal in New York.