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Best Borrowers 2008: EEB/TGI

The gas transporter establishes a Colombian corporate benchmark by maintaining a flexible approach.

On September 28 2007, TGI International – the operating arm of Colombian gas company EEB – was the first Latin American corporate to come to the market after the onset of the credit crisis. Despite the poor market conditions, it also took the mantle of the largest corporate deal out of Colombia, establishing a new Colombian corporate benchmark in the process. The success of this deal is mostly attributed to the borrower’s willingness to be flexible and realistic given the market conditions. The gas transporter reduced its initial target of $900 million to $750 million, completing a 144a/RegS 10-year non-call-five dollar issue and abandoning a planned peso-denominated tranche.

During the initial roadshow, at the end of July, the company proposed a $300 million equivalent peso-denominated tranche but, by the time the deal came to market, interest in this tranche had subsided: "Initially, we thought investors would be interested in a local-currency tranche but, as market conditions deteriorated, it became clear that investors were much happier with one big dollar deal.

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