Cuatrecasas counsels on $700m public debt management for EPM
Cuatrecasas, through its Bogotá office, has counselled The Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria (New York Branch), BNP Paribas and Sumitomo Mitsui Banking Corporation in a transaction on the management of the public debt of Empresas Públicas de Medellín (EPM) for US $700 million.
The transaction involved a commitment by Empresas Públicas de Medellín to meet two indicators: (i) the company’s Scope 1 and 2 GHG emissions (measured in Tons of CO2e); and (ii) the rate of water losses per billed user (measured in m3/user/month), which will be monitored annually over the term of the credit operation.
This operation also marks the first “sustainability linked transaction” carried out by EPM, consolidating the company as a leader in the development of public credit operations with sustainability criteria.
The financing develops the market standard in the treatment of conforming changes for public credit operations in Colombia and includes agreed indicators in line with the Sustainability Linked Loan principles of the Loan Market Association (LMA).
Cuatrecasas’ team was led by partners Manuel Quinche (pictured right) and Juan Carlos Puentes (pictured left), with support from senior associate Manuel Gómez, associates Andrés Herrera and Lorenzo Lizarralde and legal intern Pedro José Villa.
