- The issuance had a principal amount of USD $1.000.000.000
- Demand of the notes exceeded the amount offered by three times
February 5, 2020 – Gomez-Pinzón Abogados acting as local legal counsel advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. as the Initial Purchasers, in the notes offering of U.S.$1,000,000,000 principal amount of 4.375% senior notes due 2030, issued by Grupo Aval Limited, an exempted company incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Grupo Aval Acciones y Valores S.A., who irrevocably and unconditionally guaranteed the offering.
The proceeds are to be destined to general corporate purposes, which may include enhancing the strategic interests in the financial services sector, through acquisitions or other corporate transactions, strengthening the capital base of Grupo Aval´s subsidiaries by making equity investments or investing a relevant portion of such proceeds in additional tier 1 or other hybrid capital issued by Grupo Aval´s subsidiaries in Colombia or Central America, and prepaying outstanding indebtedness, including to related parties.
The Gómez-Pinzón team was led by partner Daniel Londoño, and associates Marcela Gómez and David Múnera from the firm’s Banking, Finance & Capital Markets practice group.
Simpson Thacher & Bartlett LLP acted as international legal counsel for the Initial Purchasers. Its team was led by Jaime Mercado, Karen McClendon, Antonio Ribichini and Luis Posadas.
Demand of the notes exceeded the amount offered by three times and had the participation of more than 200 investors from the United States, Europe, Asia and Latin America.