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Baker McKenzie advises Gran Americas USME Provision, GMasivo 10 and GMasivo 16 on Private Placement of USD 126 million bonds issued under Sustainability Bond Framework

Leading global law firm Baker McKenzie has advised Gran Americas USME Provision S.A.S., GMasivo 10 S.A.S., and GMasivo 16 S.A.S―the concessionaires in three separate bus lines within the TransMilenio network in the District of Bogotá, Colombia―in connection with the US Private Placement of USD 126 million in bonds issued under the Sustainability Bond Framework. The framework recognizes the favorable environmental and social impact of the buses purchased from Scania with the proceeds of the issuance.
The bonds met the criteria for certification by the Climate Bond Standard Board on behalf of the Climate Bonds Initiative and received a positive assessment from ISS-ESG on their alignment to the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines. The financing also included debt service reserve letters of credit and cross-currency derivatives to hedge USD-COP foreign exchange risk.
The team acting as special New York counsel to all three concessionaires was led by John L. Murphy (Miami/NY), and included Karl Egbert, Carol Stubblefield (New York), Brian Lee (Chicago), Jamie Nix, Sarah Rosales (Houston), Ana Marcos, and Estefania Lalinde (Miami). The team acting as special Colombian counsel to GMasivo 10 S.A.S. and GMasivo 16 S.A.S. was led by Ricardo Trejos, assisted by Sebastián Boada Morales, Mónica Cubillos and Paula Melendro (all Bogotá).

John Murphy said “As part of Baker McKenzie’s commitment to sustainable finance and leading market experience in this growing area, we are delighted to have acted for Gran Americas USME Provision, GMasivo 10 and GMasivo 16 in a transaction that integrated ESG criteria into their business decisions.”
Ricardo Trejos added “This is the first time that a USD Private Placement has been used to finance the supply of buses for the massive transport system in Bogotá.”
The bonds were issued on 19 November 2021.

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