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Source:
LawFuel.com
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Posted on Monday, December 26, 2011
12/22/2011
Davis Polk advised Banco de Bogotá, S.A., a part of the Grupo Aval Acciones Y Valores S.A. banking group, with respect to a US$500 million senior unsecured term loan credit facility. The proceeds of the loans will be used first, to repay amounts outstanding under its $1 billion senior unsecured bridge loan facility, and, second, for general corporate purposes. Davis Polk also advised Banco de Bogotá in connection with its US$600 million aggregate principal amount of 5% senior notes due 2017, proceeds of which were also used to repay amounts outstanding under its senior unsecured bridge loan facility.
Banco de Bogotá is Colombia's oldest financial institution, having conducted operations for more than 140 years, and the second-largest bank in the country. Banco de Bogotá is a subsidiary of Grupo Aval Acciones y Valores S.A., the largest banking group in Colombia. In addition to its banking operations, Banco de Bogotá operates the largest pension and severance fund administrator and the largest merchant bank in Colombia as well as BAC Credomatic, a leading Central American banking group.
The Davis Polk credit team included partner Waide Warner and associates Stevan R.B. Nicholas and Angela W. Cho. Partner Samuel Dimon and associate William A. Curran provided tax advice. Megan M. Teixeira was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
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