Shearman And Sterling

News Apr 26, 2016

Shearman & Sterling Advises on Banco Nacional de Costa Rica’s US$500 Million Senior Notes Offering

Shearman & Sterling acted as counsel to Banco Nacional de Costa Rica (BNCR), in connection with the purchase and sale by Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P Morgan Securities, LLC of US$500 million aggregate principal amount of BNCR’s 5.875% senior notes due 2021 under Rule 144A/Regulation S. The senior notes are the first “green bonds” offered in Costa Rica and Central America. The net proceeds from the offering will be used by BNCR to fund “eligible green projects” that include projects that foster renewable energy, such as wind projects, solar projects, hydroelectric energy projects and waste water treatment projects.

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); associates Kevin Younai (New York-Capital Markets), Jeffrey Tate (Washington, DC-Tax) and Adam Sternberg (Washington, DC-Tax); and visiting attorney Gizeh Polo (New York-Capital Markets).

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