Clifford Chance and Dentons assist in Banco de Occidente’s first international notes issue
Clifford Chance and Dentons Cardenas & Cardenas have assisted BBVA Securities Inc and Merrill Lynch, as initial purchasers, in Banco de Occidente’s inaugural placement of subordinated notes in the international market.
The Tier Two Subordinated Capital Notes issue was worth USD $175 million at a rate of 10.875% with a maturity of 10.25 years in 2034.
This transaction marks Banco de Occidente’s first issuance of notes in the international capital markets.
Banco de Occidente is part of the Colombian financial services conglomerate Grupo Aval.
Clifford Chance’s team was led by partner Hugo Triaca (pictured left), with support from associate Alejandro León and law clerk Adriana Cabal.
Dentons’ team consisted of partners Bernardo Cárdenas (pictured centre) and Felipe Alarcón (pictured right) and associate Alejandro Parra.
