Manuel Quinche and Natalia Arango

Cuatrecasas represents BTG Pactual Colombia in debt refinancing

Cuatrecasas, through its Bogotá office, represented BTG Pactual Colombia in the structuring and placement of the bond issue by Palermo Sociedad Portuaria in the second Colombian market, for the financing of port infrastructure and the refinancing of existing debt.

BTG Pactual Colombia acted as structuring and coordinating agent for the offering and placement agent, and Banco BTG Pactual – Cayman Branch purchased 100% of the notes issued.

This transaction is the second local project bond (issued and traded in Colombia) under a project finance structure in the country.

With this placement of the first batch of ordinary bonds in the second market, through the Colombian Stock Exchange (BVC), Palermo Sociedad Portuaria obtained a $33 million financing to enable the expansion plan of Puerto Palermo, including the construction of port infrastructure and storage facilities, as well as the repayment of existing indebtedness.

The project will enable construction activities and growth of operations, increase employment opportunities for the local population in the Corregimiento de Palermo, Sitionuevo – Magdalena. In addition, Palermo Sociedad Portuaria will be able to continue contributing to the Buenamar Foundation, a social organisation of the Coremar Group, which is carrying out a long-term social transformation plan in the territory and whose spearhead is education.

Bermúdez Ulloa acted as legal advisor to Banicol, as structuring agent and coordinator of the offer, and to Palermo Sociedad Portuaria as issuer.

Cuatrecasas’ team was led by partner Manuel Quinche (pictured left) and included associates Natalia Arango (pictured right), Felipe Londoño, Laura Salazar and Manuela Gaitán, from the project finance area. Also participating were lawyers Carolina Trejos and Andrea Vargas, from the corporate and foreign exchange practice, and Camilo Cardona and Natalia Márquez, from the real estate practice.

L Giselle Estrada