LONDON, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Acting as Lead Left Bookrunner, BTG Pactual has carried out a $669m Re-IPO of GEB, a leading owner, developer and operator of electricity and natural gas infrastructure assets across Latin America, which has a presence in Colombia, Peru, Guatemala and Brazil. The share sale was 100 percent secondary, with the District of Bogotá acting as the selling shareholder.
To comply with Colombian law, particularly article 60 of the Colombian Political Constitution and law 226 of 1995, the transaction was part of a two-phase democratisation process, which applies to the sale of state-owned shares in Colombia. The initial stage of the sale took place between December 26, 2017 and February 26, 2018, when shares of the common stock of the company were opened up to a select number of investors, including current and former company employees. The second phase of the process was performed via a follow-on offering in Colombia with international marketing efforts under Rule 144A/Reg S. It was launched on July 4, 2018 and priced on July 19, 2018.
BTG Pactual was able to generate high-quality demand from local and international investors. Total demand exceeded the base offering size of 743 million shares at $525m, allowing for an upsize of 28 percent, which brought the total offering size to $669m.
This was a landmark transaction as it was the first international equity offering from a Colombian issuer since 2014. It was also the largest 144A offering from the Andean region since 2013. Finally, the deal was the first 144A equity offering from a LatAm issuer since April 2018.
The GEB Re-IPO deal has been praised for its attractive and stable divided yield, predictable cash flow generation and significant growth opportunities.
To discover more about BTG Pactual Colombia, check out an exclusive article by Head of Investment Banking David Felipe Perez, in the latest copy of World Finance magazine, available in print, on tablet and online now:
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