Banco GNB Sudameris Completes US$400 Million Notes Offering and Concurrent Cash Tender Offer
04.20.21
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Simpson Thacher represented Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC in connection with the offering by Banco GNB Sudameris S.A. (GNB) of US$400 million aggregate principal amount of its 7.5% Subordinates Notes due 2031, pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. The new notes qualify as Tier 2 Regulatory Capital under Colombian banking regulations. GNB intends to use the net proceeds from the offering to purchase any and all of the outstanding notes due 2022, with the remainder for general corporate purposes.
Simpson Thacher also represented Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC, as dealer managers, in GNB’s abbreviated cash tender offer for any and all of its outstanding US$250 million aggregate principal amount of 7.5% Subordinated Notes due 2022.
Banco GNB Sudameris S.A. is a universal bank in Colombia with special focus on small and medium enterprises, mid-corporates and personal banking. The bank also has operations in Peru and Paraguay.
The Simpson Thacher team for the offerings included Juan Francisco Mendez and Laura Ribero (Capital Markets); and Jonathan Cantor and Kris Liu (Tax).