Shearman & Sterling represented Grupo de Inversiones Suramericana S.A (“Gruposura”) in connection with the issurance by its wholly owned subsidiary Gruposura Finance of $300 million principal amount of 5.70% Notes due 2021 offered under Rule 144A/Regulation S, and unconditionally guaranteed by Gruposura. Gruposura is the principal shareholder in a group of companies which are market leaders in Colombia across diversified industries, including commercial banking (Bancolombia S.A.), insurance (Suramericana S.A.), pension fund administration (Protección S.A. ), processed foods (Grupo Nutresa S.A.), cement and ready mix production (Cementos Argos S.A.) and energy generation (Compañía Colombiana de Inversiones S.A.).
Merrill, Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC acted as the joint book-running managers for the offering. Gruposura intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions to enhance its strategic interests in the financial services sector.
The following Shearman & Sterling team advised Gruposura in the transaction: partners Antonia Stolper (NY-CM), Don Lonzcak (DC-TX) and Paul Schreiber (NY-AM); and associates Grissel Mercado (NY-CM), Sheila Lavu (NY-CM), David Ni (NY-CM), Christian Urrutia (NY-CM), Daniel Nicholas (DC-TX) and Steve Homan (NY-AM); and legal assistant Brian Shea (NY-CM).
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