September 21, 2023

Willkie represented Sites del Perú S.A.C. (the Issuer), a subsidiary of Sitios Latinoamérica, S.A.B. de C.V. (SITES), in its inaugural offering of S/872 million (US$235 million equivalent) in aggregate principal amount of 9.125% Senior Notes due 2033, denominated in Peruvian Soles and payable in U.S. Dollars. 

The offering was marketed to investors outside of the United States in reliance on Regulation S under the U.S. Securities Act. The offering represents the first bond issuance by SITES as an independent company, which was formed in 2022 as a result off the spin-off of telecommunications towers from América Móvil (AMX). Sitios is listed on the Mexican Stock Exchange and is one of the largest owners, operators, and developers of passive infrastructure in Latin America in terms of the size of its tower portfolio. 
The proceeds of the notes will be used by SITES to pay AMX for the acquisition of telecommunication towers in Peru earlier this year. The notes will clear through the facilities of Euroclear and Clearstream and the Issuer will apply to list the notes on the Euro MTF Market of the Luxembourg Stock Exchange. The Bank of Nova Scotia (Scotiabank), London Branch acted as the sole Bookrunner and initial purchaser. The transaction priced on September 15, 2023, and settled on September 21, 2023. 
This transaction highlights the strength of Willkie’s longstanding practice in Latin America, drawing on the firm’s comprehensive multidisciplinary capabilities and cross-border capital markets experience, combined with its deep understanding of the Latin American market, to add strategic value for clients.

The Willkie team was led by partner Jennifer Tait in London with partners Maria-Leticia Ossa Daza and Jorge Kamine in New York and DC, respectively.