News & Events

The Firm recently represented Credit Suisse, HSBC and J.P. Morgan, as initial purchasers, in connection with the issuance of an additional US$500 million of 6.25% Subordinated Notes due 2026 issued by Banco de Bogotá S.A. Earlier this year, the Firm represented the same initial purchasers in connection with Banco de Bogota’s original issue of US$600 million of its 6.25% Subordinated Notes due 2026. The additional notes offering was conducted in reliance on Rule 144A and Regulation S under the U.S. Securities Act of 1933.

As part of the same transaction, the Firm also represented HSBC Bank USA in connection with its acquisition of a US$500 million promissory note (pagaré) due by Banco de Bogotá to one of its affiliates, Grupo Aval Limited. The proceeds of the additional notes issuance were used by Banco de Bogotá to acquire the promissory note from HSBC Bank USA.

Banco de Bogotá is the oldest financial institution in Colombia, with more than 140 years of operating history and is currently the second largest bank by market share and total deposits and loans. Banco de Bogotá is a subsidiary of Grupo Aval Acciones y Valores S.A., Colombia’s largest banking group by total assets.

The Simpson Thacher team for the transaction included Jaime Mercado, Juan M. Naveira, Matias Anchordoqui Gancedo and Luiz Rafael De Vargas Maluf (Capital Markets); Homin Lee and Alejandro Milá Valle (Banking and Credit); Mark Chorazak (Bank Regulatory); and Jonathan Cantor and Michelle Goldring (Tax).