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Maples Group Advises on First Sustainability-Linked Bond in Latin America for 2023

09 Feb 2023

The Maples Group is pleased to announce that a multi-disciplinary team of lawyers and professionals recently provided Cayman Islands legal advice and fiduciary services to Liberty Costa Rica Senior Secured Finance on its digital infrastructure Sustainability-Linked Bond ("SLB").  The SLB forms part of a US$450 million financing package aimed at increasing digital access and broadband quality in Costa Rica, and the deal closed on 26 January 2023.  Notably, the transaction is the first Latin American SLB for 2023 and is also the largest Bond B structured by IDB Invest to date. 

A team of lawyers based in the Group's London office advised Liberty Costa Rica Senior Secured Finance on the Cayman Islands legal aspects of the transaction and was led by Jonathan Caulton, Partner and Head of the London Finance team, with assistance from Finance Associate, Ana Lazgare.  The Group's Fiduciary Services team led by Senior Vice President Phillip Hinds and Vice President Samuel Kuria acted as directors to Liberty Costa Rica Senior Secured Finance.  The proceeds from the Bond B were used to purchase a 100% participation in the $400 million Term Loan B provided by Inter-American Investment Corporation to Liberty Costa Rica.  

Commenting on the transaction, Jonathan said, "It has been an absolute pleasure to work with our longstanding client on the issue of sustainability-linked notes relating to performance targets covering absolute greenhouse gas emissions and greenhouse gas emissions intensity".  Ana added that it was "a personal privilege to work on an innovative infrastructure transaction with sustainability development goals in Latin America". 

The Group's London office provides full service legal advice on the laws of the British Virgin Islands, the Cayman Islands, Ireland and Jersey and a range of fiduciary services to UK companies, limited liability partnerships and structured finance vehicles as well as UK facilities agent services to Irish and Luxembourg UCITS.  Process agency services are available for clients requiring a process agent in the UK.

The Group's dedicated Latin America practice consists of fluent Spanish and Portuguese-speaking lawyers, known for providing innovative and ground breaking solutions, with specialist knowledge of Latin American markets having advised on other innovative, sustainability-linked bonds in the region such as the Blue Bond in Belize.

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.