Mayer Brown advised Itaú BBA USA Securities, Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc. (collectively, the "Initial Purchasers") in connection with Distrito Especial Industrial y Portuario de Barranquilla’s (Barranquilla), a special industrial and port district in the Republic of Colombia, offering of $350 million aggregate principal amount of its 7.350% notes due 2031.
The notes were offered to qualified institutional buyers pursuant to Rule 144A and to non-US persons in offshore transactions in accordance with Regulation S under the US Securities Act of 1933. Barranquilla intends to use the net proceeds to repay existing internal debt. Additionally, an equal amount of the net proceeds will be allocated to finance or refinance, in whole or in part, one or more new or existing eligible green and social projects, with disbursements covering project expenditure for up to 24 months preceding the bond's issue date and up to 24 months after the issue date.
The Mayer Brown team was led by Banking & Finance partner Juan Pablo Moreno, associate Luis Schrader, and foreign associate Maria Parga in the firm’s New York office.