Mayer Brown advised the City of Bogota (Colombia) on the issuance of Rule 144A/Regulation S $600 million COP-denominated green notes due 2035, the proceeds of which will be used to finance certain projects as part of its green development policies. Eligible green projects include clean transportation, products related to the circular economy, land use, conservation, sustainable management of natural resources, sustainable and integrated water and wastewater management, green buildings, and energy efficiency.
This transaction marks the return of the City of Bogota to the international capital markets after more than 15 years and constitutes the first-ever sub-national green note for any city in Latin America.
The team was led by Banking & Finance partner Juan Pablo Moreno and included associate Luis A. Schrader, foreign associates Maria Parga and Andres Varela, Tax partner Lucas Giardelli, and associate Juan Lopez Valek, all in the firm's New York office.