Davis Polk advises on Metro de Santiago’s $1.5bn notes offering

Davis Polk has advised the initial purchasers in connection with the offering by the operator of Santiago’s metro network, Empresa de Transporte de Pasajeros Metro, of $1.5 billion aggregate principal amount of notes.

The offering consisted of $500 million aggregate principal amount of its 3.650 per cent notes due 2030, and $1 billion aggregate principal amount of its 4.700 per cent notes due 2050.

The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Davis Polk also advised the dealer managers in connection with the tender offer by Metro de Santiago to purchase any and all of its outstanding 4.750 per cent notes due 2024. 

Metro de Santiago is 100-per cent owned by the government of Chile and is the sole operator of the subway system in the metropolitan region of Santiago.

The Davis Polk corporate team included partner Maurice Blanco and counsel Katia Brener Counsel Ethan R. Goldman and associate Talya Presser advised on US tax matters.

All members of the Davis Polk team are based in the New York office.