BLP has advised both Liberty Costa Rica in its capacity as issuer and IDB Invest as structuring bank on the issuance of a Sustainability Linked Bond (SLB) as part of the financing to Liberty Costa Rica for a total amount of $450 million to increase access to 4G and 5G digital infrastructure and broadband quality in Costa Rica.
This issuance is the largest SLB for the Digital Economy that IDB Invest has structured to date. This advisory follows BLP’s previous advice to IDB Invest on its first-ever B Bond, the proceeds of which financed the Reventazón Hydroelectric Project in Costa Rica, the second-largest infrastructure project in Central America.
The Liberty Costa Rica issue is the largest B Bond structured by IDB Invest, which supports its commitment to financial inclusion and sustainable development.
Additionally, this is the first B Bond issued by a telecommunications company, and its proceeds will help expand 4G coverage to bridge the digital divide. This IDB Invest B Bond goes through the 144A Regulation S format, the most common pricing format for government issues in the United States.
Partner Pablo Umaña, Director Elia Naranjo, and Associate Luis Herrera advised the IDB Invest team.
Partners Julio Castellanos and Eduardo Calderon, with Director Adriana Acuña, advised the Liberty Costa Rica team.