Hogan Lovells advises IDB Invest on Millicom standby letter of credit facility to support Colombian broadband expansion
Press releases
| 18
January
2022
New York, 18 January 2022 – Global law firm Hogan Lovells advised IDB Invest, the private sector affiliate of the Inter-American Development Bank (IDB), on a standby letter of credit facility guaranteed up to COP625,000 million and granted to Tigo Colombia, the Colombian subsidiary of telecommunications company Millicom International Cellular. Read more on the US$155 million deal, which was announced January 5, here.
The guaranteed facility, valid for ten and a half years with a tenor of up to two years for each standby letter of credit issued, seeks to increase access and connectivity to mobile broadband and increase opportunities for the most vulnerable sectors of Colombia, helping to close the digital gap in that country.
The Hogan Lovells team was led by partner Ricardo S. Martinez and associate Christopher Bonilla, both in New York, and associate Luis Leos in Houston.