Davis Polk advised the initial purchasers in connection with the offering by Colombia Telecomunicaciones S.A. ESP of US$ 500 million aggregate principal amount of its subordinated perpetual notes. The notes were offered pursuant to Rule 144A and Regulation S under the United States Securities Act of 1933. This is the first offering of hybrid securities by a Colombian issuer and is the first sub-investment grade hybrid securities offering from the Latin American region.    

Colombia Telecomunicaciones is a full-service telecommunications provider offering a range of integrated telecommunications services, including fixed-line, mobile, data transmission (including broadband access and value-added services) and subscription television services throughout Colombia. The company is an indirect subsidiary of Telefónica, the world’s sixth-largest telecommunications company in terms of revenues. 

The Davis Polk capital markets team included partner Nicholas A. Kronfeld and associates Yasin Keshvargar, Felipe Duque and Camila Panama. Partner Lucy W. Farr and associate Kay Ng provided tax advice. All members of the Davis Polk team are based in the New York office.   

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